Menthaoil July contract gained Rs 20.3 and settled at Rs 1113.5 on account of improved demand in the spot markets. Further, even the lower arrival also comforted the commodity. Weather disturbance in growing areas could have some bullish impact on the market sentiments in the short term but some more short term corrections cannot be ruled out. The arrivals of mentha oil in the Sambhal Mandi stood at 200 drums and 600 drums in Chandausi mandi. The contract made intraday low of Rs 1078.7 a kg and high of Rs 1123.4 a kg with the volume of 8549 and total open interest for the same contact was at 2660.Now support for the menthol is seen at 1087 and below could see a test of 1060.5. Resistance is now likely to be seen at 1131.7, a move above could see prices testing 1149.9.

Trading Ideas:

Menthaoil trading range is 1060.5-1150.

Menthaoil spot is at 1220/-.Spot market is up by Rs 23/-.

Menthaoil gained on account of improved demand in the spot markets

Menthaoil looks to take support at 1087 and resistance at 1131.70.

The arrivals of mentha oil in the Sambhal Mandi stood at 200 drums and 600 drums in Chandausi mandi.