Muted demand drags down mentha oil futures by 1.58 pc

Mentha oil prices plunged 1.58 per cent to Rs 960.70 per kg in futures trade today as speculators trimmed their positions, triggered by a sluggish demand from consuming industries at the spot market.
Further, sufficient stocks position on higher supplies from producing regions too fuelled the downtrend.
At the Multi Commodity Exchange, mentha oil for delivery this month declined by Rs 15.40, or 1.58 per cent, to Rs 960.70 per kg in a business turnover of 403 lots.
On similar lines, the oil for delivery in December traded lower by Rs 12.40, or 1.26 per cent, to Rs 968.10 per kg in 157 lots.

Analysts said offloading of positions by participants amid subdued demand from consuming industries in spot market against ample stocks position on higher supplies from Chandausi in Uttar Pradesh mainly led to decline in mentha oil prices at futures trade.