Mentha oil futures decline 0.78 pc on profit-booking

Mentha oil prices drifted lower by 0.78 per cent to Rs 1,757.70 per kg in futures trade today as speculators booked profits amid easing demand from consuming industries at the spot markets.
Besides, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh weighed on mentha oil prices.
At the Multi Commodity Exchange, mentha oil for delivery in December traded lower by Rs 13.90, or 0.78 per cent, to Rs 1,757.70 per kg, in a business turnover of 398 lots.
Similarly, the oil for delivery in January fell by Rs 12.10, or 0.68 per cent, to Rs 1,780 per kg in 64 lots.

Analysts said offloading of positions by participants due to subdued demand from consuming industries at the spot market against ample stocks position on higher supplies from Chandausi in Uttar Pradesh mainly led to the decline in mentha oil prices in futures trade.
However, estimates of lower output of 25,000-30,000 tonnes this year due to fall in acreage as against 35,000 tonnes in the previous year, squeezed the losses, they said.