Mentha oil weakens on profit-booking

Prices declined by nearly 3% from previous close

Mentha oil prices weakened by Rs 37.30 to Rs 1,216.20 per kg in futures trade today as speculators locked-in gains at prevailing levels amid slackened demand at spot markets.

At the Multi Commodity Exchange, mentha oil for delivery in August declined by Rs 37.30, or 2.97%, to Rs 1,216.20 per kg in business turnover of 210 lots.

Likewise, the oil for delivery in the July contract traded lower by Rs 11.20, or 0.90%, to Rs 1,222.30 per kg in 679 lots.

The fall in mentha futures prices was mostly due to emergence of profit-booking by speculators after recent gains and sluggish demand from pharmaceutical units against adequate stocks availability in the physical markets, analysts said.