Mentha oil futures tank 4% on muted demand

NEW DELHI, Jan 1: Mentha oil futures hit lower circuit of 4 per cent, plunging Rs 69.60 to Rs 1,671.50 per kg, in today as speculators trimmed positions tracking weak trend at spot market on tepid demand.

At the Multi Commodity Exchange, mentha oil for delivery in February plunged Rs 69.60, or 4 per cent, to Rs 1,671.50 per kg in business turnover of 90 lots.

On similar lines, the oil for delivery January contracts traded lower by Rs 51.30, or 3 per cent, at Rs 1,660.90 per kg in 244 lots.

Analysts said offloading of positions by participants amid fall in demand from consuming industries in spot market against adequate stocks position on increased arrivals from Chandausi in Uttar Pradesh pulled down mentha oil prices at futures trade. (PTI)