Mentha oil futures drop on ample stocks
Mentha oil futures fell 1.66 per cent to Rs 1,258.40 per kg today as speculators trimmed positions, driven by subdued demand from consuming industries at the spot market.
Besides, ample stocks 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 May declined by Rs 21.30, or 1.66 per cent, to Rs 1,258.40 per kg in a business turnover of 447 lots.
Likewise, the oil for delivery in June contracts traded lower by Rs 10.10, or 0.92 per cent, at Rs 1,087 per kg in 20 lots.
Analysts said offloading of positions by participants owing to slackened demand from consuming industries at spot market against ample stocks position on increased supplies from Chandausi in Uttar Pradesh led to the decline in mentha oil prices in futures trade.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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