Muted demand drags down mentha oil futures by 1.67 pc

Mentha oil prices drifted lower 1.67 per cent to Rs 1,630 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.
In futures trading at the Multi Commodity Exchange, mentha oil for delivery this month declined by Rs 27.60, or 1.67 per cent, to Rs 1,630 per kg, in a business turnover of 162 lots.
On similar lines, the oil for delivery in January traded lower by Rs 26.10, or 1.55 per cent, to Rs 1,656.50 per kg in 508 lots.

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