Muted demand drags down mentha oil futures by 0.55%

NEW DELHI: Mentha oil prices were trading lower by 0.55 per cent to Rs 1,138 per kg in futures trade today as speculators trimmed positions, driven by a sluggish demand from consuming industries at the spot market.

At the Multi Commodity Exchange, mentha oil for delivery this month declined by Rs 6.40, or 0.55 per cent, to Rs 1,138 per kg in a business turnover of 210 lots.

Similarly, the oil for delivery in July contract traded lower by Rs 5.80, or 0.50 per cent, to Rs 1,150.20 per kg in 88 lots.

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