Muted demand drags down mentha oil futures 3.45 pc

Mentha oil prices tumbled 3.45 per cent to Rs 1,765.20 per kg in futures trade today as speculators trimmed positions, triggered by muted demand from consuming industries at the spot market.
Besides, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh fuelled the downtrend.
In futures trading at the Multi Commodity Exchange, mentha oil for delivery this month declined by Rs 63, or 3.45 per cent, to Rs 1,765.20 per kg, in a business turnover of 480 lots.
On similar lines, the oil for delivery in January traded lower by Rs 59, or 3.18 per cent, to Rs 1,794.10 per kg in 193 lots.

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