Mentha oil up as demand rises in spot market

Mentha oil futures prices gained by Rs 8.60 to Rs 1,186.50 per kg in futures trade today, as traders created fresh positions, driven by pick-up in demand at the spot market due to seasonal demand.

Restricted arrivals in the physical market also influenced mentha oil futures prices.

At the Multi Commodity Exchange counter, mentha oil for delivery in January gained by Rs 8.60, or 0.73 per cent, to Rs 1,186.50 per kg, with a business turnover of 976 lots.

While February-month delivery contract edged up by Rs 8.50, or 0.71 per cent, to Rs 1,191.70 per kg, with an open interest of 255 lots.

Similarly, the oil for delivery in March rose by Rs 6.10, or 0.51 per cent, to Rs 1,187 per kg, with a business turnover of 49 lots.

Market analysts said fresh buying by traders following pick-up in spot demand, amid lower arrivals from Chandausi pushed up mentha oil prices at futures trade.