Mentha oil December contract jumped by Rs 29 and settled at Rs 1122.6 a
kg on short covering we have seen market falling intially as week
started on increased arrivals in the mandi which kept pressure on the
rates for Mentha Oil. Today market jumped on short covering and on the
expectation of rise in export and domestic demand from pharmaceutical
Industries is likely to provide further support to the prices in the
short term. Traders are also reportedly holding back stocks in
anticipation of a rise in price in the coming weeks expectations of
lower production and rising export demand from China are expected to
provide support to the prices in medium term. The contract made intraday
low of Rs 1092 a kg and high of Rs 1124 a kg with the volume of 5773
and total open interest for the same contact was at 3714. Now support
for the menthol is seen at 1101.7 and below could see a test of
1080.9. Resistance is now likely to be seen at 1133.7, a move above could see prices testing 1144.9.

Trading Ideas:

Mentha Oil trading range is 1079.8-1144.

Mentha oil spot is at 1250/-.Spot market is up by Rs. 28/-.

Resistance for the mentha oil is at 1131.50 level.

Support or mentha oil is seen at 1099.50 level.

Mentha oil ended higher yesterday on short covering

MENTHOL YETERDAY JUMPED YESTERDAY TODAY CAN TEST 1140 LEVEL. MCX