Mentha oil futures drop 2.01 pc on ample stocks

New Delhi, May 14 (PTI) Mentha oil futures fell 2.01 per cent to Rs 1,306.40 per kg today as speculators trimmed their positions, driven by subdued demand from consuming industries at the spot market.
Besides, ample stocks position on higher supplies from major producing belt of Chandausi in Uttar Pradesh fuelled the downtrend.
At the Multi Commodity Exchange, mentha oil for delivery in the current month contract declined by Rs 26.80, or 2.01 per cent, to Rs 1,306.40 per kg in a business turnover of 110 lots.
Likewise, the oil for delivery in June contract traded lower by Rs 22.50, or 1.89 per cent, at Rs 1,165.50 per kg in 148 lots.
Analysts said offloading of positions by participants owing to slackened demand from consuming industries at the 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. (PTI)


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