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Notwithstanding the reports that a Parliament committee has suggested to discourage futures trading in agriculture products, mentha oil futures continued to surge on more and more buying by traders on the Multi Commodity Exchange (MCX) Wednesday. According to latest reports, around 40 per cent crop of mentha has been damaged in the region. Besides, the recovery of mentha oil has reduced to only three-four kgs per Bigha. Support for menthol is at 738.65 below that could see a test of 725.30. Resistance is now seen at 767.65 above that could see a resistance of 783.30.

Trading Ideas:

TRADING RANGE IS 725.30-783.30.
MENTHOL SPOT IS AT 785/- MKT IS FLAT AND RANGE BOUND.
BUY AUG @ 735-740 SL 726 TGT 748-756-764-778-790. MCX