Mentha oil futures drop 2.16% on ample stocks

Mentha oil futures fell 2.16 per cent to Rs 1,287 per kg today as speculators trimmed positions, driven by subdued demand from consuming industries in the spot market.
Further, ample stocks position on higher supplies from Chandausi in Uttar Pradesh, too, influenced prices.
At the Multi Commodity Exchange, mentha oil for delivery in the current month contracts declined by Rs 28.40, or 2.16 per cent, to Rs 1,287 per kg in a business turnover of 144 lots.
Likewise, the oil for delivery in March contracts traded lower by Rs 27.50, or 2.08 per cent, at Rs 1,295 per kg in 121 lots.

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