Mentha oil futures fall 1.78% on muted demand

NEW DELHI: Mentha oil prices traded 1.78 per cent lower at Rs 1,743.80 per kg in futures trade today as speculators cut positions, triggered by muted demand from consuming industries in the spot market.

Besides, ample stock position on higher supplies from major producing belts of Chandausi in Uttar Pradesh fuelled the downtrend.

At the Multi Commodity Exchange, mentha oil for delivery in January declined Rs 31.60, or 1.78 per cent, to Rs 1,743.80 per kg, in business turnover of 1,260 lots.

On similar lines, the oil for delivery in February traded Rs 26.80, or 1.49 per cent, lower at Rs 1,769 per kg in 135 lots.

Analysts said offloading of bets by participants amid subdued demand from consuming industries in the spot market led to the decline in prices.