Muted demand drags down mentha oil futures by 2.20 pc

Mentha oil prices tumbled 2.20 per cent to Rs 1,612.70 per kg in futures trade today as speculators cut down positions, triggered by muted demand from consuming industries at the spot market.
Besides, ample stock position on higher supplies from major producing belts of Chandausi in Uttar Pradesh fuelled the downtrend.
In futures trading at the Multi Commodity Exchange, mentha oil for delivery this month declined by Rs 36.20, or 2.20 per cent, to Rs 1,612.70 per kg, in a business turnover of 303 lots.
On similar lines, the oil for delivery in January traded lower by Rs 34.20, or 2.04 per cent, to Rs 1,640 per kg in 186 lots.

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