Mentha oil futures marginally up on pick-up in demand

Mentha oil prices were up 0.22 per cent to Rs 1,017.30 per kg in futures market today as participants raised their holdings on the back of pick-up in spot demand from consuming industries.
Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also provided support to mentha oil prices.
At the Multi Commodity Exchange, mentha oil for delivery this month rose Rs 2.20, or 0.22 per cent, to Rs 1,017.30 per kg, clocking a business volume of 329 lots.
The oil for far-month March traded higher by Rs 2.10, or 0.20 per cent, to Rs 1,029.40 per kg, with a trading volume of 229 lots.

Analysts said raising of bets by speculators, driven by rising demand from consuming industries in the spot markets against restricted supplies from Chandausi led to the rise in mentha oil prices in futures trade.