Mentha oil futures plunge 3% as speculators cut position

Mentha oil prices dropped by 3 per cent to Rs 1,606.10 per kg in futures trade Wednesday as participants indulged in trimming their bets amid falling demand from consuming industries at the spot markets.

Mentha oil, to be delivered this month was trading sharply lower by Rs 49.60, or 3 per cent, at Rs 1,606.10 per kg at the Multi Commodity Exchange. It clocked a business volume of 130 lots.

The fall in mentha oil prices was mostly attributed to cutting down of bets by speculators, triggered by a weak demand from consuming industries at the physical markets, marketmen said.