Mentha oil down 0.4% on higher supply

Oil for delivery in July contract shed 0.35%

Continuing its losing streak for the fourth-straight session, mentha oil prices fell by another 0.43% to Rs 816.30 per kg in futures trade today as speculators indulged in offloading positions amid higher supplies from producing regions at spot markets.

At the Multi Commodity Exchange, mentha oil for delivery in June declined by Rs 3.50, or 0.43% to Rs 816.30 per kg in business turnover of 295 lots.

Similarly, the oil for delivery in July contract shed Rs 2.90, or 0.35% to Rs 828.70 per kg in 86 lots.

Analysts said offloading of positions by speculators, triggered by higher supplies from Chandausi in Uttar Pradesh against weak demand in the spot market mainly kept pressure on mentha oil prices at futures trade.