Mentha oil prices inched up in futures trade on Wednesday, but continued trading below Rs 1,200-mark.
A tepid rise in demand by consuming industriesNSE 1.50 % at spot markets gave a leg up to mentha oil prices.
The expectation of higher mentha plantation due to lucrative returns is making the future prospects weaker for the commodity.
The commodity has been witnessing the trend of sell-on-rise of late.
"Mentha slipped below Rs 1,200 as the selling pressure continues. Technically prices are in a downtrend as they are below the short term moving averages," said Mustafa Nadeem, CEO, Epic Research.
Around 11:10 am, mentha oil traded at Rs 1,193.50 per kilogram, up by Rs 3.60 or 0.30 per cent.
"Prices have been making lower tops and bottoms which show that every rebound is utilised by bears to add bearish bets to their positions," Nadeem added.
The analyst believes there can be some minor rebound in the prices on the back of short-covering, but the trend largely is bearish and prices can go downwards to Rs 1,160-1,140.
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