Mentha oil January contract dropped Rs 14.7 and settled at Rs 1172.9 a kg on account of sluggish demand amidst increased arrival in the mandis. Though the demand is slack bit it is expected that both the export and domestic demand will rise coming days from pharmaceutical Industries which are likely to provide support to the prices of the commodity. The contract made intraday low of Rs 1171.2 a kg and high of Rs 1192 a kg with the volume of 4297 and total open interest for the same contact was at 5557.Now support for the menthol is seen at 1165.4 and below could see a test of 1157.9. Resistance is now likely to be seen at 1186.2, a move above could see prices testing 1199.5.

Trading Ideas:

Mentha Oil trading range is 1158.6-1200.

Mentha oil spot is at 1263/-.Spot is down by Rs.17/-.

Mentha oil ended lower on account of sluggish demand

Mentha oil looks to take support at 1165.40

Resistance for the mentha oil is seen at 1186.20.

SELL MENTHOL JAN @ 1175 SL 1185 TGT 1168-1162-1156.MCX