Mentha oil prices slipped in futures trade on Tuesday on muted demand at the spot market.

Speculators avoided fresh positions in mentha oil futures due to weak demand by consuming industries at the spot market against higher supplies from key producing regions.

“Lower arrival of the commodity in the spot markets coupled with the strong demand during August could lead to minor lower level buying but overall fundamentals are weak as there is an expectation of higher plantation of mentha in major producing regions,” said Romesh Tiwari, Head of Research, CapitalAim.

At 12.30 pm, mentha oil prices were trading at Rs 1,282.50 a kg, down by Rs 16 or 1.23 per cent.

“Mentha oil September future is still looking weak on the daily chart and it is sustaining below the 20-day moving average on the daily chart. For the upcoming session, Mentha could move range between 1275-1320 levels,” Tiwari added.


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