Mentha oil December contract dropped Rs 8.2 and settled at Rs 1097.1 a kg tracking weakness in spot market. Mentha oil arrivals in the major mandies in the Uttar Pradesh were around 500 drums. The contract made intraday low of Rs 1085 a kg and high of Rs 1112.5 a kg with the volume of 6051 and total open interest for the same contact was at 3908.Now support for the menthol is seen at 1083.9 and below could see a test of 1070.7. Resistance is now likely to be seen at 1111.4, a move above could see prices testing 1125.7.

Trading Ideas:

Mentha Oil trading range is 1069.5-1125.

Mentha oil spot is at 1222/-.Spot market is up by Rs.4/-.

Resistance for the mentha oil is at 1111.40 level.

Support or mentha oil is seen at 1083.90 level.

Mentha oil ended lower tracking weakness in spot market

SELL MENTHOL DEC @ 1100-1110 SL 1118 TGT 1090-1083-1072.MCX (STBT)