Mentha oil remains weak on sluggish demand

Jan and Feb contracts shed 0.4% each as speculators pare positions

Mentha oil remained weak for the second straight day and prices shed 0.43 per cent to Rs 817.50 per kg in futures trading today as speculators reduced their positions on sluggish demand from consuming industries in the spot market.
    
Adequate stocks availability in the physical market due to increased arrivals from Chandousi in Uttar Pradesh also kept pressure on mentha oil.
    
At the Multi Commodity Exchange, mentha oil for delivery in January fell further by Rs 3.50, or 0.43 per cent to Rs 817.50 per kg in business turnover of 83 lots.

    
The February contract shed Rs 3.50, or 0.42 per cent to Rs 827.40 per kg in 73 lots.
       
Analysts said speculators reduced their positions on sluggish demand from consuming industries in the spot market against adequate stocks position, mainly influenced mentha oil prices at futures trade.