Muted demand drags down mentha oil futures 0.08%

NEW DELHI: Mentha oil prices drifted lower by 0.08 per cent to Rs 1,733.10 per kg in futures trade Thursday as speculators trimmed positions, driven by sluggish demand from industries at the spot market. Besides, ample stocks position on higher supplies from producing regions, too, weighed on mentha oil prices.

At the Multi Commodity Exchange, mentha oil for delivery this month traded lower by Rs 1.40, or 0.08 per cent, to Rs 1,733.10 per kg, in a business turnover of 74 lots.

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