Menthol yesterday dropped by almost 1% in the line of our expectation as told overall market look weak as below 600 mark look to take support at 565 levels.

Today also spot market is flat and trading at 637 levels. December contract dropped Rs 6.6 and settled at Rs 583.9 a kg. The contract made intraday low of Rs 578.1 a kg and high of Rs 592 a kg. Now support for the menthol is seen at 577.30 and below could see a test of 570.70. Resistance is now likely to be seen at 591.20, a move above could see prices testing 598.50.

Trading Ideas:

MENTHOL TRADING RANGE IS 570-600.

MENTHOL SPOT IS AT 637/-SPOT IS UP BY RS 4/-.

SELL MENTHOL DEC @ 588-590 SL 594.80 TGT 585.80-582.20-577.50.MCX

SUPPORT FOR MENTHA OIL IS AT 579.80.

RESISTANCE FOR MENTHA OIL IS AT 587.60.

MENTHOL PRICES ENDED DOWN TRACKING WEAK SPOT MARKET