Muted demand drags mentha oil futures 1.03 pc

Mentha oil prices drifted lower by 1.03 per cent to Rs 946 per kg in futures trade today as speculators trimmed positions, driven by sluggish demand from industries at the spot market.
Besides, ample stocks position on higher supplies from producing regions too influenced mentha oil prices.
At the Multi Commodity Exchange, mentha oil for delivery this month traded lower by Rs 9.90, or 1.03 per cent, to Rs 946 per kg, in a business turnover of 499 lots.
On similar lines, the oil for delivery in August declined by Rs 8.70, or 0.89 per cent, to Rs 959.20 per kg in 80 lots.

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