Mentha oil rises on export, domestic demand

Mentha oil prices gained Rs 28.60 to Rs 1,164.90 per kg in futures trade today as speculators created fresh positions following pick-up in spot demand.

Increased domestic as well as exports demand amid reports of lower production this season on late rains further influenced the trading sentiment.

At the Multi Commodity Exchange, the November contract for mentha oil gained Rs 28.60, or 2.51%, to Rs 1,164.90 per kg, with a business volume of 62 lots.

The October contract rose by Rs 20, or 1.78%, to Rs 1,141.60 per kg, with a trading volume of 324 lots.

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

Increasing demand from pharmaceutical industries kept the prices higher in futures trade, they said.