Mentha oil futures decline 0.43 pc on profit-booking

NEW DELHI: Mentha oil prices declined by 0.43 per cent to Rs 1,022.10 per kg in futures trading on Thursday as speculators booking profits at prevailing higher levels, driven by sluggish demand in the spot market.

Adequate stocks position in the physical market on increased arrivals from Chandausi in Uttar Pradesh also put pressure on mentha oil prices.

At the Multi Commodity Exchange, mentha oil for delivery in July month declined by Rs 4.40, or 0.43 per cent to 1,022.10 per kg in business turnover of 354 lots.

Similarly, the oil for delivery in June contract shed Rs 3.50, or 0.35 per cent to Rs 1,009.30 per kg in 827 lots.

Analysts attributed the weakness in mentha oil futures to profit-booking by speculators at prevailing higher levels, driven by sluggish demand in the spot market against adequate stocks position.