Muted demand drags down mentha oil futures by 0.97%

Mentha oil prices fell by 0.97 per cent to Rs 1,172 per kg in futures trade today as speculators trimmed their positions, taking negative cues from spot market on easing demand from industries.

Besides, ample stock positions on higher supplies from producing regions too weighed on mentha oil prices.

At the Multi Commodity Exchange, mentha oil for delivery in August declined by Rs 11.50, or 0.97 per cent to Rs 1,172 per kg in business turnover of 321 lots.

Likewise, the oil for delivery in September contracts shed Rs 11.30, or 0.94 per cent to Rs 1,184.50 per kg in 165 lots.

Analysts said cutting down of positions by participants owing to slackened demand from consuming industries in the spot market against ample stock positions on higher supplies from Chandausi in Uttar Pradesh mainly led to the fall 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.)