Mentha oil down 0.5% on higher supply

Oil for delivery in July contract shed 0.56%

Mentha oil prices declined by 0.58% to Rs 807.80 per kg in futures trade today as speculators reduced positions, triggered by higher supplies from producing region amid lower demand in the spot market.

At the Multi Commodity Exchange, mentha oil for delivery in June traded lower by Rs 4.70, or 0.58%, to Rs 807.80 per kg in business turnover of 151 lots.

Similarly, the oil for delivery in July contract shed Rs 4.60, or 0.56%, to Rs 819 per kg in 20 lots.

Market analysts attributed the fall in mentha oil futures to offloading of positions by speculators following increased supplies from Chandausi in Uttar Pradesh and a decline in demand in the spot market.