Mentha oil gains over 3% on spot demand

Restricted arrivals influence prices

Mentha oil prices rose by Rs 38.50 to Rs 1,189.90 per kg today as traders engaged in enlarging positions on the back of rising industrial demand against restricted arrivals from producing belts.

At the Multi Commodity Exchange, mentha oil for delivery in November added Rs 38.50, or 3.34%, to Rs 1,189.90 per kg, with a business turnover of 427 lots.

The October contract moved up by Rs 37.60, or 3.30%, to Rs 1,176.40 per kg, with a business turnover of 1,553 lots.

Marketmen said increased buying by traders, driven by rising industrial demand in the spot market amid restricted arrivals from Chandausi in Uttar Pradesh, helped mentha oil futures to extend gains for the second day.