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Mentha oil moved up by 0.53% to Rs 861.50 per kg in futures market today after speculators built up fresh positions driven by a rise in demand from consuming industries in spot markets.
Further, tight stocks position in the physical market following restricted arrivals from producing region also supported the uptrend.
At the Multi Commodity Exchange, mentha oil forJanuary delivery moved up by Rs 4.50, or 0.53%, to Rs 861.50 per kg in business turnover of 34 lots.
Similarly, oil for delivery in December traded higher by Rs 3.70, or 0.44%, to Rs 849.50 per kg in 140 lots.
Analysts said speculators created fresh positions on the back of a rise in demand from consuming industries in the spot market against restricted supplies from Chandausi in Uttar Pradesh that led to rise in mentha oil prices at futures trade.
