NEW DELHI: Mentha oil prices weakened in futures market on Tuesday after a spell of profit booking amid a drop in demand in the spot market.

Mentha oil futures traded 0.91 per cent down at Rs 1,766 per kg around 11:50 am on Tuesday. The commodity traded higher on Monday amid increased demand from consuming industries in the physical market.

“Technically, metha oil (November) seems to be trading in a broader range between Rs 1,830 and Rs 1,770 levels. Currently, prices seem to be consolidating. Its continuation pattern shows a bullish trend, where there is a support placed at the lower part of the trading range. This bullish formation will be favourable to go long on downside levels of Rs 1,770/80 and to stay with the trend. We recommend buying on dips while the momentum will lead to an increase once prices break the Rs 1,850 level on a closing basis,” said Mustafa Nadeem, CEO, Epic Research.

In the equity market, benchmarks Sensex and Nifty traded in the negative territory, with Reliance Industries, HDFC twins, ITC, IndusInd Bank and Kotak Mahindra Bank being among the top drags.