Muted demand drags down mentha oil futures by 0.22%

Mentha oil prices declined by 0.22 per cent to Rs 1,155 per kg in futures market today as speculators cut down their positions amid easing demand from consuming industries in the domestic spot market.

At the Multi Commodity Exchange, mentha oil for delivery in September moved down by Rs 2.50, or 0.22 per cent to Rs 1,155 per kg in business turnover of 38 lots.

On similar lines, the oil for delivery in October contracts traded lower by Rs 2.30, or 0.20 per cent to Rs 1,169.50 per kg in 120 lots.

Market analysts said offloading of positions by participants owing to slackened demand from consuming industries at the spot market mainly led to decline in mentha oil prices at futures trade.

Furthermore, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh, too weighed on mentha oil prices, they said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)