Mentha oil slips in futures trade on muted spot demand

NEW DELHI: Mentha oil prices declined in the domestic futures market on Thursday, hit by a slump in demand.

Around 11 am, MCX Mentha oil was at Rs 1,580 per kg, down by Rs 12.70, or 0.80 per cent.

Speculators trimmed positions in mentha futures, triggered by muted demand from consuming industries at the spot market and adequate stocks on higher supplies from the major producing regions.

Brokerage Geojit Financial Services said Mentha futures has a stiff resistance at Rs 1,600 which has to be overcome for a rise to Rs 1,625 or more.