Mentha oil up 0.2% on spot demand

Oil for delivery in December edged up by 0.18%

Mentha oil extended gains for the fifth straight session with prices rising by 0.21% to Rs 863 per kg in futures trade today as speculators enlarged positions supported by a rising demand from consuming industries in the spot market.

Tight stocks availability in the physical market following less arrivals from Chandausi in Uttar Pradesh further fuelled the upswing.

At the Multi Commodity Exchange, mentha oil for delivery in November gained Rs 1.80, or 0.21%, to Rs 863 per kg in a business turnover of 178 lots.

Similarly, oil for delivery in December edged up by Rs 1.60, or 0.18%, to Rs 875.40 per kg in 71 lots.
 

Market analysts said speculators engaged in enlarging their positions, supported by a rising demand from consuming industries against restricted arrivals from Chandausi in Uttar Pradesh, mainly led an uptrend in mentha oil prices at futures trade.