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.

Trading Ideas:

Menthol Oil trading range is 610.4-633.

Mentha oil spot is at 696/-.Spot market is up by Rs 5/-.

Resistance for the mentha oil is 627.80 and support is at 616.70.

Traders are anticipating a decline of 15-20 per cent in planting this year

Mentha oil yesterday ended higher on hopes of lower planting

SELL MENTHOL MAR @ 624-626 SL 630 TGT 621.20-619.60-616.50.MCX