Muted demand drags down mentha oil futures by 1.10 pc

Mentha oil prices drifted lower by 1.10 per cent to Rs 865.50 per kg in futures market today as traders reduced their exposure amid sluggish demand in the spot market.

At the Multi Commodity Exchange, mentha oil for delivery in June fell by Rs 9.60 or 1.10 per cent to Rs 865.50 per kg in a business turnover of 330 lots.

Likewise, the oil for delivery in far-month July contracts moved down by Rs 8.90 or 1.01 per cent to Rs 873.10 per kg in 56 lots.

Analysts said offloading of positions by participants due to subdued demand from consuming industries in spot market against ample stocks position on higher supplies from Chandausi in Uttar Pradesh mainly led to the fall in mentha oil prices at futures trade.