NEW DELHI:
Mentha oil prices dropped by 2.88 per cent to Rs 1,849.40 per kg in futures market today as speculators booked profits at prevailing levels amid fall in demand from consuming industries at the spot markets.
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 December month plunged by Rs 54.90, or 2.88 per cent to Rs 1,849.40 per kg in business turnover of 232 lots.
Similarly, the oil for delivery in January 2018 was trading lower by Rs 55.30, or 2.86 per cent to Rs 1,875 per kg in 46 lots.
Analysts said besides profit-booking by participants at existing levels, decline in demand from consuming industries in the physical market against sufficient stocks position on increased arrivals from Chandausi in Uttar Pradesh mainly pulled down mentha oil prices at futures trade.
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