Muted demand drags down mentha oil futures 1.84 pc

Mentha oil prices tumbled 1.84 per cent to Rs 1,422 per kg in futures trade today as speculators cut down positions, triggered by muted demand from consuming industries at the spot market.
Besides, ample stock position on higher supplies from major producing belts of Chandausi in Uttar Pradesh fuelled the downtrend.
At the Multi Commodity Exchange, mentha oil for delivery in March declined by Rs 26.70, or 1.84 per cent, to Rs 1,422 per kg, in a business turnover of 197 lots.
On similar lines, the oil for delivery this month traded lower by Rs 23.20, or 1.60 per cent, to Rs 1,423.40 per kg in 341 lots.

Analysts said offloading of bets by participants amid subdued demand from consuming industries in the spot market mainly led to the decline in mentha oil prices in futures trade.