Menthaoil July contract gained Rs 4.6 and settled at Rs 1122.5 on the back of pick-up in spot markets demand. Restricted arrivals from producing region further fueled the uptrend. Production is likely to remain lower than last year estimates. Some profit booking and low buying interest is seen in menthaoil at higher levels. It is to be learnt that rains in growing areas in UP too had been having a Bullish impact on the market sentiments as it affected the Oil extraction process adversely. The contract made intraday low of Rs 1108 a kg and high of Rs 1144.7 a kg with the volume of 8880 and total open interest for the same contact was at 2648.Now support for the menthol is seen at 1105.4 and below could see a test of 1088.4. Resistance is now likely to be seen at 1142.1, a move above could see prices testing 1161.8.

Menthaoil trading range is 1088.4-1162.

Menthaoil spot is at 1242/-.Spot market is up by Rs 22/-.

Menthaoil gained on the back of pick-up in spot markets demand

Menthaoil looks to take support at 1105.40 and resistance at 1142.10.

Some profit booking and low buying interest is seen in menthaoil at higher levels

BUY MENTHA OIL JULY @ 1118-1123 SL 1108 TGT 1136-1145-1156.MCX (CORRECTION DUE)