New Delhi: Mentha oil prices drifted lower by 0.87 percent to Rs 1,792 per kg in futures trade today as speculators booked profits, driven by easing demand from consuming industries at the spot markets. Also, ample stocks position on higher supplies from producing regions fuelled the downtrend.
At the Multi Commodity Exchange, mentha oil for delivery in December fell by Rs 15.70, or 0.87 percent to Rs 1,792 per kg in business turnover of 237 lots. Similarly, the oil for delivery in November contracts traded lower by Rs 10.10, or 0.57 percent to Rs 1,759.50 per kg in 40 lots.
Analysts said besides profit-booking by participants, fall in demand from consuming industries at existing levels in the physical market, ample stocks position on increased supplies from Chandausi in Uttar Pradesh, mainly weighed on mentha oil prices at futures trade.