Mentha oil futures surge 4% on strong demand

Maintaining its upward trend, mentha oil prices advanced by 4 per cent to hit upper circuit at Rs 1,786.60 per kg in futures trade today as speculators enlarged their bets.
The upmove reflected a firm trend at the spot market on surging demand from consuming industries.
Besides, tight stock position on fall in arrivals from producing belts fuelled the uptrend.
At the Multi Commodity Exchange, mentha oil for delivery in far-month January 2018 was trading higher by Rs 68.70, or 4 per cent, to Rs 1,786.60 per kg in a business turnover of 32 lots.
On similar lines, the oil for delivery in December contracts rose by Rs 68.10, or 3.99 per cent, to Rs 1,773 per kg in a business volume of 471 lots. November contracts gained Rs 66.40, or 3.93 per cent, to Rs 1,755.80 per kg in 416 lots.

Analysts said widening of positions by participants driven by strong demand and tight stocks position on restricted supplies from Chandausi kept mentha oil prices elevated.