Mentha oil February contract dropped Rs 5.4 and settled at Rs 1174.9 a kg on the account of waning demand by exporters at elevated levels along with steady supply of mentha oil in major mandies. As per latest data release by Spice Board India, the total exports during April to December period were shrugged of by 12% to 13750 tonnes. The contract made intraday low of Rs 1166.5 a kg and high of Rs 1180 a kg with the volume of 1247 and total open interest for the same contact was at 3242.Now support for the menthol is seen at 1167.6 and below could see a test of 1160.3. Resistance is now likely to be seen at 1181.1, a move above could see prices testing 1187.3.

Trading Ideas:

Mentha Oil trading range is 1159.3-1186.

Mentha oil spot is at 1254/-.Spot market is down by Rs 14/.

Mentha oil dropped on the account of waning demand by exporters

Mentha oil looks to take support at 1167.60 level

Resistance for the mentha oil is seen at 1181.10 level.

SELL MENTHOL FEB @ 1175 SL 1188 TGT 1168-1160-1154.MCX