Mentha oil extend losses on profit-booking

Mentha oil prices fell further by Rs 31.30 to Rs 1,038 per kg in futures trade today, as traders indulged in profit-booking, driven by subdued demand in the spot market.

Increased arrivals from producing belts in Uttar Pradesh markets also put pressure on the prices.

At the Multi Commodity Exchange platform, mentha oil for delivery in December-month contract declined by Rs 31.30 or 2.92 per cent, to Rs 1,038 per kg, with a business volume of 864 lots.

Similarly, the delivery in January contract eased by Rs 29, or 2.68 per cent to Rs 1,050 per kg, with a business turnover of 343 lots, while February-month contract fell by Rs 25.80, or 2.37 per cent to Rs 1,060 per kg, with a business turnover of 131 lots.

The fall in mentha oil prices was mostly due to profit-booking by speculators and weak trend at spot market on subdued demand, traders said.