Mentha oil futures extend losses on muted demand, down 0.62%

Continuing its losing streak for the fourth straight day, mentha oil prices fell further by 0.62 per cent to Rs 923 per kg in futures trading today as participants engaged in cutting down their bets, tracking a weak trend at spot market on sluggish demand.
Besides, adequate stocks availability in the physical market on higher supplies from producing regions weighed on prices.
At the Multi Commodity Exchange, mentha oil for delivery in far-month April declined by Rs 5.80, or 0.62 per cent, to Rs 923.00 per kg, in a business turnover of 30 lots.
On similar lines, the oil for delivery in March moved down by Rs 3.30, or 0.58 per cent, to Rs 911.60 per kg in 254 lots.

Analysts said offloading of positions by traders, tracking a weak trend at spot market on easing demand from consuming industries amid sufficient stocks on higher supplies from Chanadousi in Uttar Pradesh kept mentha oil prices lower at futures trade.