Mentha oil March contract dropped Rs 9.7 and settled at Rs 1127.1 a kg influenced by sluggish demand. Adequate stocks following increased arrivals from producing belts in Uttar Pradesh also put pressure on mentha oil prices. The contract made intraday low of Rs 1126 a kg and high of Rs 1139.1 a kg with the volume of 1662 and total open interest for the same contact was at 6185. Now support for the menthol is seen at 1122.4 and below could see a test of 1117.6. Resistance is now likely to be seen at 1135.5, a move above could see prices testing 1143.8.

Trading Ideas:

Menthaoil trading range is 1118.5-1145.

Menthaoil spot is at 1162/-.Spot market is down by Rs. 18/-.

Menthaoil yesterday dropped influenced by sluggish demand

Menthaoil looks to take support at 1122.40 level

Resistance for the menthaoil is seen at 1135.50 level