Mentha oil futures remain weak on tepid demand

Mentha oil prices drifted further lower by 0.32 per cent to Rs 1,022.90 per kg in futures trade today as speculators engaged in reducing their positions amid muted demand from consuming industries in the spot market against adequate stocks position.
At the Multi Commodity Exchange, mentha oil for delivery in December month declined by Rs 3.30, or 0.32 per cent, to Rs 1,022.90 per kg in business turnover of 43 lots.
Similarly, the oil for delivery in January 2017 contracts shed 20 paise, or 0.02 per cent to Rs 1,038 per kg in 112 lots.
Analysts said offloading of positions by participants owing to slackened demand from consuming industries in spot market against ample stocks, mainly kept mentha oil prices lower at futures trade.