Mentha oil plunges over 2% on profit-booking

Amid profit-booking at higher levels and a weak trend in spot market on sluggish demand, mentha oil prices plunged by Rs 50.50 to Rs 2,227.80 per kg in futures market today.

In addition, adequate stocks position following increased arrivals from Chandousi in Uttar Pradesh also put pressure on mentha oil prices at futures trade.

At the Multi Commodity Exchange, the March delivery plunged by Rs 50.50, or 2.22% to Rs 2,227.80 per kg in business turnover of 18 lots.

The April contract moved down by Rs 41.70, or 1.78% to Rs 2,299.90 per kg in 142 lots.

Traders said the sharp fall in mentha prices at futures trading was mostly attributed to profit-booking by speculators at higher levels and  a sluggish demand at spot markets.