Mentha oil futures decline on profit taking

Mentha oil prices fell by Rs 6.30 to Rs 1,079 per kg in futures trading today, as speculators booked profits amid sluggish demand in the spot market.

Traders said adequate stocks position following increased arrival from the producing regions also put some pressure on the mentha oil prices.

At the Multi Commodity Exchange, mentha oil for February delivery fell by Rs 6.30, or 0.58 per cent, to Rs 1,079 per kg, with a business turnover of two lots.

Likewise, the oil for delivery in March lost Rs 4.60, or 0.42 per cent, to Rs 1,081.40 per kg, with a business turnover of two lots.

Market analysts said besides profit booking by speculators, subdued demand from pharmaceutical units in spot market led to the decline in mentha oil futures prices.