Mentha oil August contract dropped Rs 1.1 and settled at Rs 721.1 a kg fall in demand at physical markets. Increased arrivals at spot market from the producing belts in Uttar Pradesh also weighed on the prices. There have been expectations of some more profit booking before demand picks up again at lower levels. The contract made intraday low of Rs 716.7 a kg and high of Rs 727.1 a kg with the volume of 1808 and total open interest for the same contact was at 4262.Now support for the menthol is seen at 716.2 and below could see a test of 711.2. Resistance is now likely to be seen at 726.6, a move above could see prices testing 732.

Trading Ideas:

Menthol Oil trading range is 711.7-733.

Resistance for the mentha oil is at 726.60.

Support for mentha oil is seen at 716.20.

Mentha oil settled weak yesterday on subdued demand