Mentha oil loses more than 1% on sluggish demand

Speculators offload positions on fresh arrivals from growing areas

Mentha oil futures prices fell by 1.31 per cent to Rs 1,383.20 per kg today, after participants trimmed positions due to sluggish industrial demand in the spot market against increased arrivals from producing belt.

Adequate stocks position following increased arrivals from Chandousi in Uttar Pradesh also put pressure on mentha oil prices.

At the Multi Commodity Exchange, mentha oil for delivery in February slide by Rs 18.30, or 1.31 per cent, to Rs 1,383.20 per kg in business turnover of 365 lots.

The January contract declined by Rs 17.40, or 1.25 per cent, to Rs 1,369.60 per kg in 1,670 lots.

 

Market analysts said offloading of positions by speculators, following subdued industrial spot demand against adequate stocks position mainly pulled down mentha oil prices at futures trade.