Mentha oil up on firm spot demand

August, September contracts gain more than 1% each on higher offtake from pharma units

Mentha oil prices rose further by Rs 20.10 to Rs 1,455 per kg in futures trade today as traders engaged in enlarging their positions, supported by a surge in the demand from pharmaceutical industries.

Further, restricted supplies from producing regions also supported the upside.

At the Multi Commodity Exchange, mentha oil for delivery in September delivery gained Rs 20.10, or 1.40%, to Rs 1,455 per kg, with a trading volume of 60 lots.

The August contract rose by Rs 15.70, or 1.19%, to Rs 1,325 per kg, with a business turnover of 78 lots.

Marketmen said speculative positions created by participants following rising spot demand from pharmaceutical industries and lower arrivals from Chandausi in Uttar Pradesh mainly pushed up mentha oil prices at futures trade.