Muted demand drags mentha oil futures 0.93 pc

Mentha oil prices drifted lower by 0.93 per cent to Rs 1,247.20 per kg in futures trade today 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 influenced mentha oil prices.

At the Multi Commodity Exchange, mentha oil for delivery this month traded lower by Rs 11.70, or 0.93 per cent, to Rs 1,247.20 per kg, in a business turnover of 313 lots.

Similarly, the oil for delivery in November declined by Rs 11.30, or 0.89 per cent, to Rs 1,259.10 per kg in 231 lots.

Analysts said offloading 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.

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