Mentha oil February contract dropped Rs 32.3 and settled at Rs 1110 a kg witnessing some selling on the account of fresh short position of traders at higher levels. The total mint exports during November month were declined by 12% to 1750 tonnes against 2000 tonnes reported last year. While the total exports during April to December period were shrugged of by 13% to 12250 tonnes. The contract made intraday low of Rs 1108 a kg and high of Rs 1139.6 a kg with the volume of 3417 and total open interest for the same contact was at 3760.Now support for the menthol is seen at 1098.8 and below could see a test of 1087.6. Resistance is now likely to be seen at 1130.4, a move above could see prices testing 1150.8.

Trading Ideas:

Mentha Oil trading range is 1088.5-1152.

Mentha oil spot is at 1187/-.Spot market is down by Rs 35/.

Mentha oil ended lower witnessing selling on account of fresh short position at higher levels.

Mentha oil looks to take support at 1098.80 level

Resistance for the mentha oil is seen at 1130.40 level.

MENTHOL BELOW 1120 LOOK WEAK TO TEST SUPPORT AT 1088 LEVEL