Mentha oil March contract gained Rs 16.9 and settled at Rs 1116.1 a kg driven by increased demand in the spot market which was on account of dwindling supply of the stocks and the decreased arrival of Mentha in the mandis. The total daily arrivals of mentha oil to be ranging between 400-450 drums (1 drum = 180 kgs ) at the major mandies of Uttar Pradesh such as Sambhal , Chnadausi and Rampur. The contract made intraday low of Rs 1099 a kg and high of Rs 1119 a kg with the volume of 1965 and total open interest for the same contact was at 4890.Now support for the menthol is seen at 1103.7 and below could see a test of 1091.4. Resistance is now likely to be seen at 1123.7, a move above could see prices testing 1131.4.

Trading Ideas:

Mentha Oil trading range is 1091.5-1132.

Mentha oil spot is at 1205/-.Spot market is up by Rs 7/.

Mentha oil gained driven by increased demand in the spot market

Mentha oil looks to take support at 1103.70 level

Resistance for the mentha oil is seen at 1123.70 level.