Falling for the second day, mentha oil prices drifted further down by 0.44 per cent to Rs 1,231.50 per kg in futures trade today as speculators engaged in cutting down positions amid muted demand from consuming industries in the domestic spot market.
Furthermore, ample stocks position on higher supplies from major producing regions of Chandausi in Uttar Pradesh, too weighed on mentha oil prices.
At the Multi Commodity Exchange, mentha oil for delivery this month moved down by Rs 5.40, or 0.44 per cent, to Rs 1,231.50 per kg in a business turnover of 571 lots.
Likewise, the oil for delivery in November was trading lower by Rs 4.40, or 0.35 per cent down, at Rs 1,245.50 per kg in 251 lots.
Analysts said offloading of positions by participants, triggered by easing demand from consuming industries in the physical market against ample stocks position on increased supplies from Chandausi in Uttar Pradesh, mainly kept mentha oil prices down at futures trade.
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