Menthaoil June contract dropped Rs -23.4 and settled at Rs 858.3 on the heels of rising new arrivals in the major mandies of Uttar Pradesh. The major mandies of Uttar Pradesh has reported the fresh arrivals in the range of 75-80 drums daily. The contract made intraday low of Rs 855.6 a kg and high of Rs 881 a kg with the volume of 800 and total open interest for the same contact was at 1232. Now support for the menthol is seen at 848.9 and below could see a test of 839.6. Resistance is now likely to be seen at 874.3, a move above could see prices testing 890.4.

Trading Ideas:

Menthaoil trading range is 839.6-890.

Menthaoil dropped on the heels of rising new arrivals in the major mandies of Uttar Pradesh

Menthaoil looks to take support at 848.90 and resistance at 874.30.

The major mandies of Uttar Pradesh has reported the fresh arrivals in the range of 75-80 drums daily.