Mentha oil futures drifted 2.13 per cent lower to Rs 1,490 per kg in futures market today as speculators cut positions, taking negative cues from the spot market on tepid demand.
Besides, ample stocks position on higher supplies from Chandausi in Uttar Pradesh too fuelled the downtrend.
At the Multi Commodity Exchange, mentha oil for delivery March fell 32.50, or 2.13 per cent, to Rs 1,490 per kg in a business turnover of 95 lots.
Similarly, the oil for delivery in February was trading lower by Rs 25.10, or 1.66 per cent, at Rs 1,483.80 per kg in business turnover of 193 lots.
Analysts said cutting down of positions by participants on the back of fall in demand from consuming industries in the spot market against ample stocks position on increased supplies from Chandausi in Uttar Pradesh kept mentha oil prices down.
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