Mentha oil January contract dropped Rs 17 and settled at Rs 1162.3 a kg as traders indulged in profit booking amid weak trend at spot markets.

Further, adequate stocks following increased arrivals in the physical market fuelled the downtrend. The contract made intraday low of Rs 1157 a kg and high of Rs 1184.9 a kg with the volume of 3489 and total open interest for the same contact was at 3432. Now support for the menthol is seen at 1151.2 and below could see a test of 1140.2. Resistance is now likely to be seen at 1179.1, a move above could see prices testing 1196.

Trading Ideas:

Mentha Oil trading range is 1139.7-1196.

Mentha oil spot is at 1251/-.Spot market is down by Rs 10/-

Mentha ended weak as traders indulged in profit booking amid weak trend at spot markets.

Mentha oil looks to take support at 1151.20 level.

Resistance for the mentha oil is seen at 1179.10 level.

SELL MENTHOL FEB BELOW 1158 SLL 1168 TGT 1150-1144.50-1136. MCX