Tepid demand hurts mentha oil futures, down 0.23%

Mentha oil prices drifted 0.23 per cent to Rs 915.50 per kg in first futures trading of 2016 today as speculators trimmed positions amid sluggish demand from consuming industries at the spot market.
Besides, adequate stocks on higher supplies from growing regions fuelled the downtrend.
At the Multi Commodity Exchange, mentha oil for delivery in February declined by Rs 2.10, or 0.23 per cent to Rs 915.50 per kg in a business turnover of 1 lot.
On similar lines, the oil for delivery in January contracts eased by Rs 1.40, or 0.15 per cent to Rs 903.30 per kg in 118 lots.

Analysts said offloading of positions by participants amid muted demand from consuming industries at spot market against adequate stocks on higher supplies from Chandausi in Uttar Pradesh kept pressure on mentha oil prices in futures trade.