Mentha oil rises on export and domestic demand

Mentha oil gained by Rs 10.90 to Rs 1,248 per kg in futures trade today as traders created fresh positions, driven by pick up in demand at spot market due to increasing export and domestic buying.

At the Multi Commodity Exchange, November mentha oil gained by Rs 10.90, or 0.88% to Rs 1,248 per kg with a business volume of 164 lots.

The October contract gained Rs 7.80, or 0.63% to Rs 1,243.30 per kg with trading volume of 208 lots, while current month September contract rose by Rs 7.80, or 0.63% to Rs 1,239.50 per kg in 469 lots.

Analysts said fresh buying by traders following pick up in spot demand and lower arrivals from Chandausi in Uttar Pradesh mainly pushed up mentha oil prices at futures trade.

Increasing export and domestic demand from pharmaceutical Industries kept trend firm for mentha oil in the spot and the futures market, they added.