Mentha oil contract gained Rs 0.4 and settled at Rs 1171.8 a kg witnessing some buying fueled by receding arrivals in major mandies of Uttar Pradesh accompanied with follows up buying by traders and speculators.  The total daily arrivals of mentha oil to be ranging between 350-400 drums at the major mandies of Uttar. And this has propelled the buoyancy in spot market. The contract made intraday low of Rs 1169 a kg and high of Rs 1179 a kg with the volume of 1170 and total open interest for the same contact was at 4439.Now support for the menthol is seen at 1167.5 and below could see a test of 1163.3. Resistance is now likely to be seen at 1177.5, a move above could see prices testing 1183.3.

Trading Ideas:

Mentha Oil trading range is 1163.3-1183.

Mentha oil spot is at 1255/-.Spot market is down by Rs 15/-.

Mentha oil gained witnessing some buying fueled by receding arrivals

Mentha oil looks to take support at 1167.50 level

Resistance for the mentha oil is seen at 1177.50 level.