Mentha oil futures up as spot demand picks up

Mentha oil prices rose by Rs 3.50 to Rs 1,131.60 per kg in futures trading today as traders enlarged their positions on the back of rising demand from pharmaceutical units in the spot market.

Restricted arrivals from producing region also supported the uptrend.

At the Multi Commodity Exchange, mentha oil for delivery in August rose by Rs 3.50, or 0.31%, to Rs 1,131.60 per kg with a business turnover of 280 lots.

Likewise, the oil for delivery in September edged up by Rs 2.70, or 0.24%, to Rs 1,144.80 per kg in 185 lots.

Market analysts said increased buying by traders, driven by a pick-up in demand from pharmaceutical units in the spot market against low arrivals from Chandousi, in Uttar Pradesh, mainly led to the rise in mentha futures prices.