Falling for the second day, mentha oil prices drifted further down 1.59 per cent to Rs 1,166.80 per kg in futures trade today as speculators engaged in cutting down their positions amid muted demand for mentha oil from consuming industries in the domestic spot market.
Furthermore, ample stocks position on higher supplies from major producing belts 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 18.90, or 1.59 per cent to Rs 1,166.80 per kg in business turnover of 955 lots.
Likewise, the oil for delivery in October contract was trading lower by Rs 17.40, or 1.45 per cent to Rs 1,182.10 per kg in 279 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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