Mentha oil September contract gained Rs 2.6 and settled at Rs 812.5 a kg due to positive trend in the spot market.

Restricted arrivals from producing belts in Uttar Pradesh also put pressure on the prices. The contract made intraday low of Rs 807.2 a kg and high of Rs 819 a kg with the volume of 4437 and total open interest for the same contact was at 5936.

Now support for the menthol is seen at 806.8 and below could see a test of 801.1. Resistance is now likely to be seen at 818.6, a move above could see prices testing 824.7.

Trading Ideas:

Mentha Oil trading range is 801.1-825.
Resistance for the mentha oil is at 818.60.
Support or mentha oil is seen at 806.80.
Mentha oil ended firm due to positive trend in spot market

Courtesy: Kedia Commodities

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