Mentha oil futures climb 4% on upbeat demand
Press Trust of India New Delhi Maintaining its upward trend, mentha oil prices rose by 4 per cent to hit upper circuits at Rs 1,716.30 in futures trade today as speculators enlarged positions, driven by rising demand from consuming industries in the spot markets.
Besides, tight stocks position on fall in arrivals from producing belts supported the upmove.
At the Multi Commodity Exchange, mentha oil for delivery in November jumped up by Rs 66, or 4 per cent to Rs 1,716.30 per kg in business turnover of 54 lots.
Similarly, the oil for delivery in December traded higher by Rs 66.70, or 4 per cent to Rs 1,736 per kg in 6 lots.
Analysts said expanding of positions by traders on the back of brisk demand from consuming industries in the physical market against tight stocks position on restricted arrivals from Chandausi, mainly pushed up mentha oil prices at futures trade.
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