Mentha oil December contract dropped Rs 9.2 and settled at Rs 1114.1 a kg due to profit booking as the prices traded up owing to the strong domestic and export demand. Further, the increased arrivals at spot market from the producing belts of Uttar Pradesh influenced the trading sentiment. The contract made intraday low of Rs 1111 a kg and high of Rs 1134.4 a kg with the volume of 4607 and total open interest for the same contact was at 4287. Now support for the menthol is seen at 1105.3 and below could see a test of 1096.4. Resistance is now likely to be seen at 1128.7, a move above could see prices testing 1143.2.

Trading Ideas:

Mentha Oil trading range is 1097.3-1144.

Resistance for the mentha oil is at 1128.70 level.

Support or mentha oil is seen at 1105.30 level.

Mentha oil ended weak due to profit booking