Mentha oil futures drop 1.49% on ample stocks

Mentha oil futures fell 1.49 per cent to Rs 1,415.10 per kg today as speculators trimmed positions, driven by subdued demand from consuming industries at the 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 this month contract declined by Rs 21.40, or 1.49 per cent, to Rs 1,415.10 per kg in a business turnover of 226 lots.
Likewise, the oil for delivery in March contract traded lower by Rs 18.80, or 1.32 per cent, at Rs 1,406 per kg in 67 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 led to the decline in mentha oil prices in futures trade.