Mentha oil remains weak, sheds 0.65% on subdued demand

Traders pare positions on lower offtake from consuming industries

Extending its weakness, mentha oil prices fell further by 0.65 per cent to Rs 751.40 per kg in futures market today as speculators pared positions, tracking a weak trend at spot market on sluggish demand.

At the Multi Commodity Exchange, mentha oil for delivery in March declined by Rs 4.90, or 0.65 per cent to Rs 751.40 per kg in business turnover of 141 lots.

The February contract shed Rs 4.70, or 0.63 per cent to Rs 741.50 per kg in 505 lots.

Analysts said offloading of positions by speculators owing to subdued demand from consuming industries in the spot market, mainly kept mentha oil prices lower at futures trade.