Mentha oil futures drop 0.92% on ample stocks

 NEW DELHI: Mentha oil futures fell 0.92 per cent to Rs 1,420.90 per kg today as speculators trimmed positions, driven by subdued demand from consuming industries at the spot market.

Further, ample stocks position on higher supplies from Chandausi in Uttar Pradesh too influenced prices.

At the Multi Commodity Exchange, mentha oil for delivery in current month contract declined by Rs 13.30, or 0.92 per cent, to Rs 1,420.90 per kg in a business turnover of 89 lots.

Likewise, the oil for delivery in March contracts traded lower by Rs 12.60, or 0.87 per cent, at Rs 1,420 per kg in 41 lots.

Analysts said, offloading of positions by participants owing to slackened demand from consuming industries at 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.