Mentha oil futures hit upper circuit, up 4% on strong demand

Mentha oil prices touched the upper circuit today by rising 4 per cent to Rs 1,095.70 per kg in futures trade as speculators raised bets on the back of strong demand from the spot market.
Besides, tight stock position following a drop in arrivals from major producing belts of Chandausi in Uttar Pradesh provided support to the prices.
At Multi Commodity Exchange, mentha oil for delivery in August jumped by Rs 42.10, or 4 per cent, to Rs 1,095.70 per kg in a business turnover of 323 lots.
On similar lines, the oil for delivery in July contracts traded higher by Rs 31.30, or 3 per cent, to Rs 1,075.50 per kg in 2 lots.

Analysts said higher holding by participants, driven by surging demand from consuming industries in the spot market against restricted supplies from Chandausi, mainly pushed up the mentha oil prices.