 "Mentha oil remains weak on higher supply, low demand")
Mentha oil remained weak for the second day and prices were down by another 0.45% to Rs 703 per kg in futures trade today as traders indulged in reducing positions, triggered by higher supplies from producing belts.
Besides, low demand from consuming industries in the spot market further fuelled the downtrend.
At the Multi Commodity Exchange, mentha oil for delivery in December month fell by Rs 3.20, or 0.45%, to Rs 703 per kg in business turnover of 110 lots.
Analysts said continued off-loading of positions by speculators, driven by higher supplies from Chandausi in Uttar Pradesh mainly influenced mentha oil prices at futures trade.
Besides, low demand from consuming industries in the spot market further fuelled the downtrend.
At the Multi Commodity Exchange, mentha oil for delivery in December month fell by Rs 3.20, or 0.45%, to Rs 703 per kg in business turnover of 110 lots.
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Similarly, the oil for delivery in November shed Rs 2.80, or 0.40%, to Rs 691.40 per kg in 335 lots.
Analysts said continued off-loading of positions by speculators, driven by higher supplies from Chandausi in Uttar Pradesh mainly influenced mentha oil prices at futures trade.
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