Continuing its losing streak for the second day, mentha oil prices drifted lower by 1.09 per cent to Rs 1,012.80 per kg in futures market today as speculators engaged in cutting down their bets, taking negative cues from spot markets. At the Multi Commodity Exchange, mentha oil for delivery in March month fell by Rs 11.20, or 1.09 per cent to Rs 1,012.80 per kg in business turnover of 338 lots. On similar lines, the oil for delivery in April contracts moved down by Rs 9.50, or 0.92 per cent to Rs 1,021.90 per kg in 49 lots. Analysts said offloading of positions by participants owing to slackened demand from consuming industries in spot 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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