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Mentha oil settled with smart gains as it on hopes of lower planting. After trading range-bound for sometime in the morning but prices soon picked up momentum on lower buying level and positive cues from spot markets. Traders are anticipating a decline of 15-20 per cent in planting this year. March contract gained Rs 6.7 and settled at Rs 623.3 a kg. The contract made intraday low of Rs 614.5 a kg and high of Rs 625.6 a kg with the volume of 1985 and total open interest for the same contact was at 2585.Now support for the menthol is seen at 616.7 and below could see a test of 610. Resistance is now likely to be seen at 627.8, a move above could see prices testing 632.2.

Pepper erased early gains to end nearly 1 percent lower on profit-booking but likely to trade steady as local demand and limited supply may support prices. Spot pepper jumped 461.5 rupees to end at 14,444.5 rupees per 100 kg in Kochi. April delivery dropped Rs 122 and settled at Rs 14380/quintal. The contract touched the intraday high of Rs 14865/quintal while low of Rs 14180/quintal. Now support for the pepper is seen at 14085 and below could see a test of 13790. Resistance is now likely to be seen at 14770, a move above could see prices testing 15160.

Trading Ideas:

Pepper trading range is 13790-15160.

Guar extended early gains to end over 1 percent higher on technical buying supported by hopes of improv

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