Mentha oil up 0.5% on rising demand
Restricted arrivals from Chandausi in Uttar Pradesh also influenced prices
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Mentha oil extended gains for the fourth straight session by rising 0.57% to Rs 852.40 per kg in futures trade today as speculators engaged in creating positions amid a firming trend at spot market on rising demand.
Further, tight stocks availability in the physical market following less arrivals from Chandausi in Uttar Pradesh further fuelled the uptrend.
At the Multi Commodity Exchange, mentha oil for delivery in November added Rs 4.80, or 0.57%, to Rs 852.40 per kg in business turnover of 233 lots.
Likewise, the oil for delivery in December traded higher by Rs 4.50, or 0.52%, to Rs 864.50 per kg in 42 lots.
Analysts said increased positions created by speculators, triggered by a firming trend at spot markets on strong demand, mainly influenced mentha oil prices at futures trade here.
Besides, restricted arrivals from Chandausi in Uttar Pradesh also influenced prices.
Further, tight stocks availability in the physical market following less arrivals from Chandausi in Uttar Pradesh further fuelled the uptrend.
At the Multi Commodity Exchange, mentha oil for delivery in November added Rs 4.80, or 0.57%, to Rs 852.40 per kg in business turnover of 233 lots.
Likewise, the oil for delivery in December traded higher by Rs 4.50, or 0.52%, to Rs 864.50 per kg in 42 lots.
Analysts said increased positions created by speculators, triggered by a firming trend at spot markets on strong demand, mainly influenced mentha oil prices at futures trade here.
Besides, restricted arrivals from Chandausi in Uttar Pradesh also influenced prices.
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First Published: Nov 07 2013 | 12:44 PM IST