Mentha oil futures drop 1.07% on ample stocks

Mentha oil futures fell 1.07 per cent to Rs 1,667 per kg today as speculators trimmed positions, driven by subdued demand from consuming industries at the spot market.
Further, ample stocks position on higher supplies from Chandausi in Uttar Pradesh, too influenced mentha oil prices.
In futures trading at the Multi Commodity Exchange, mentha oil for delivery in January contract declined by Rs 18, or 1.07 per cent, to Rs 1,667 per kg in a business turnover of 300 lots.
Likewise, the oil for delivery in this month contract traded lower by Rs 15.60, or 0.94 per cent, to Rs 1,641.90 per kg in 250 lots.

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