Mentha oil futures down on subdued demand

Mentha oil prices went down by 2.36 per cent to Rs 1,634.90 per quintal in futures trade Tuesday, as speculators engaged in trimming positions, driven by subdued demand from consuming industries at spot market.

Besides, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh, fuelled the downtrend.

At the Multi Commodity Exchange, mentha oil for delivery in the current month declined by Rs 39.30, or 2.36 per cent, to Rs 1,634.90 per kg in a business turnover of 231 lots.

Likewise, the oil for delivery in October traded lower by Rs 28.80, or 1.71 per cent, at Rs 1,653.10 per kg in 471 lots.

Analysts said, offloading of positions by participants owing to slackened demand from consuming industries at the spot market against ample stocks position led to the decline in mentha oil prices in futures trade.