Mentha oil December contract gained Rs 9.5 and settled at Rs 1118.9 a kg due to bargain buying on the heels of strong export demand coupled with weak crop projections of the current year. The total daily arrivals of mentha oil in major mandies have reduced to 350-400 drums against 550 drum reported earlier. The contract made intraday low of Rs 1089.5 a kg and high of Rs 1132.3 a kg with the volume of 7450 and total open interest for the same contact was at 4141.Now support for the menthol is seen at 1094.8 and below could see a test of 1070.8. Resistance is now likely to be seen at 1137.6, a move above could see prices testing 1156.4.

Trading Ideas:

Mentha Oil trading range is 1072.2-1158.

Resistance for the mentha oil is at 1137.60 level.

Support or mentha oil is seen at 1102.40 level.

Mentha oil ended positive due to bargain buying on the heels of strong export demand