Muted demand drags down mentha oil futures 1.33 pc

Mentha oil prices fell 1.33 per cent to Rs 1,232 per kg in futures trade today as speculators trimmed positions, triggered by muted 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 April contract declined by Rs 16.60, or 1.33 per cent, to Rs 1,232 per kg, in a business turnover of 48 lots.
On similar lines, the oil for delivery in the current month traded lower by Rs 16.80, or 1.31 per cent, to Rs 1,261.30 per kg in 464 lots.

Analysts said offloading of positions by participants amid subdued demand from consuming industries in spot market, mainly led to the decline in mentha oil prices in futures trade.