Mentha oil declines 0.23% on profit-booking

Sluggish demand, adequate stocks influence prices

Mentha oil prices weakened by Rs 2.70 to Rs 1,181.70 per kg in futures trade today as speculators booked profits at prevailing higher levels amid subdued spot market demand.

Adequate stocks position in the physical market following increased arrivals from major producing centre of Chandousi in Uttar Pradesh put pressure on mentha oil prices.

At the Multi Commodity Exchange, mentha oil for delivery in October declined by Rs 2.70, or 0.23%, to Rs 1,181.70 per kg, with a business turnover of 1,230 lots.

The November contract weakened by Rs 2.50, or 0.21%, to Rs 1,195 per kg, with a business turnover of 287 lots.

 

Marketmen attributed the fall in mentha oil futures to profit-booking by speculators at prevailing higher levels and subdued demand from consuming industries in the spot market.