Mentha oil January contract dropped Rs 8.4 and settled at Rs 1163.4 a kg due to higher arrival. Further, the prices did not pick up any momentum as traders wait for further dips in the prices before they could initiate fresh demand. The contract made intraday low of Rs 1151.6 a kg and high of Rs 1166 a kg with the volume of 3128 and total open interest for the same contact was at 4186.Now support for the menthol is seen at 1154.7 and below could see a test of 1145.9. Resistance is now likely to be seen at 1169.1, a move above could see prices testing 1174.7.

Trading Ideas:

Mentha Oil trading range is 1145.8-1175.

Mentha oil spot is at 1252/-.Spot market is down by Rs 3/-.

Mentha yesterday dropped due to higher arrival

Mentha oil looks to take support at 1154.70 level

Resistance for the mentha oil is seen at 1169.10 level.

BUY MENTHA OIL FEB @ 1158-1160 SL 1150 TGT 1167-1173-1178.MCX (BTST)