Mentha oil up 3% on spot demand

Mentha oil futures prices rose further by Rs 32.40 to Rs 1,114.50 per kg today on the back of rising demand in the physical market against restricted arrivals.

Lower arrivals from producing areas due to adverse weather conditions and rising export demand further supported the uptrend. 

At the Multi Commodity Exchange, mentha oil for September delivery rose by Rs 32.40, or 3% to Rs 1,114.50 per kg, with a business volume of 166 lots, while August contract gained Rs 32.30, or 2.99% to Rs 1,110.20 per kg in trade volume of 968 lots. 

Similarly, the oil for July contract surged Rs 32.10, or 2.98%, to Rs 1,102.30 per kg, with a business volume of 3,026 lots. Market analysts said increased buying by speculators on rising demand in the spot market helped mentha oil futures to trade higher.

 

In addition, mentha oil kept trading up on weather disturbance reports in UP as rains affected the Oil extraction process adversely.