New Delhi: Mentha oil futures extended its downward trend today on the Multi Commodity Exchange on speculative selling by traders, sparked by heavy arrivals in spot markets and subdued demand due to the global economic crisis.

All four running contracts were in the negative zone.

The most-active far-month January contract fell by 2 per cent at Rs 514 per kg at the MCX counter. The contract clocked a business turnover of 78 lots.

October contract also moved down by 1.87 per cent at Rs 478.50 per kg in a turnover of 799 lots, November contract drifted by 1.44 per cent at Rs 491.50 per kg and recorded a business volume of 1,054 lots.

December contract also traded 0.87 per cent lower at Rs 504 per kg in a turnover of 356 lots.

Market analysts said downward trend in spot prices at physical markets and lack of export demand following global economic crisis influenced mentha oil futures prices here.

Adequate stocks in the spot markets following increased arrivals from producing regions also put pressure on the prices, they said.
Source : PTI