Mentha oil weakens by 0.81% on profit-booking

Subdued demand against adequate stocks position on higher supplies in the spot market put pressure on mentha prices

Snapping its two-day rising streak, mentha oil prices declined by 0.81% to Rs 946 per kg in futures trade today as speculators booked profits at prevailing higher levels.

 

Further, subdued demand against adequate stocks position on higher supplies in the spot market also put pressure on mentha futures here.

 

At the Multi Commodity Exchange, mentha oil for delivery in August declined by Rs 7.70, or 0.81% to Rs 946 per kg in business turnover of 32 lots.

 

Similarly, the oil for delivery in July weakened by Rs 7, or 0.74% to Rs 934.10 per kg in 233 lots.

 

Market analysts said besides profit-bookings by speculators at prevailing higher levels, low demand from consuming industries in the spot market against sufficient supplies from Chandausi in Uttar Pradesh led to decline in mentha oil prices at futures.