Mentha oil futures gain 1.48% on firm spot demand

Mentha oil futures prices rose by Rs 16,50 to Rs 1,131.80 per kg today as speculators enlarged their positions, driven by a firming trend at the spot market on rising demand from pharmaceutical units. 

Restricted arrivals in the physical market further fueled the uptrend.

At the Multi Commodity Exchange, mentha oil for August delivery rose further by Rs 16.50, or 1.48%, to Rs 1,131.80 per kg, with a business turnover of 627 lots.   

Similarly, the oil for September delivery moved up by Rs 15.20, or 1.36%, to Rs 1,136 per kg, with a trade volume of 211 lots.  

Market analysts said a firming trend at the spot market on back of rising demand from pharmaceutical units against restricted arrivals from Chandausi in Uttar Pradesh, mainly led to the rise in mentha oil futures prices.