Mentha oil futures weakens on profit taking

Mentha oil futures fell by Rs 20.50 to Rs 1,211.90 per kg today, as speculators booked profits at existing higher levels amid fall in demand in the spot market.

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

At the Multi Commodity Exchange counter, mentha oil for delivery in December declined by Rs 20.50, or 1.66 per cent to Rs 1,211.90 per kg, wit a business volume of 754 lots.

Similarly, the oil for delivery in November eased by Rs 20, or 1.63 per cent to Rs 1,204.10 per kg, with a business turnover of 1,556 lots, while January contract fell by Rs 18.10, or 1.45 per cent to Rs 1,224 per kg, clocking a trade volume of 93 lots.

The fall in mentha oil prices was mostly due to profit taking by speculators amid fall in demand in the spot market, traders said.