Mentha oil down 0.4%, soft demand a drag

Falling for the second straight day, mentha oil prices traded lower by 0.47 per cent to Rs 1,069 per kg in futures market today as speculators started reducing bets due to lower demand in the spot market.

At Multi Commodity Exchange, mentha oil for delivery in August moved down by Rs 5, or 0.47 per cent, to Rs 1,069 per kg in a business turnover of 228 lots.

Similarly, the oil for delivery in July contracts declined Rs 4.10, or 0.39 per cent, to Rs 1,053.70 per kg in 721 lots.

Analysts attributed the slide in mentha oil futures to falling demand from consuming industries in the spot market against sufficient stocks, which mainly kept mentha oil prices lower.