Mentha oil futures up on spot demand

Mentha oil prices gained Rs 19.30 to Rs 1,226.50 per kg in futures trading today, as speculators indulged in creating fresh positions on pick up in spot market demand.

Restricted commodity arrivals in the market also supported the uptrend.

At the Multi Commodity Exchange, Mentha oil for November month contract rose by Rs 19.30 or 1.60 per cent to Rs 1,226.50 per kg, with a business turnover of 2 lots.

Similarly, the oil for delivery in December contract moved up by Rs 17.40 or 1.43 per cent to Rs 1,237 per kg in single lot. 

Market analysts said fresh positions created by speculators on pick up in spot market demand amid less commodity arrivals pushed up mentha oil futures prices.

Increased offtake from pharmaceutical units further fuelled the uptrend, they said.