Mentha oil gains by 1.9% on strong demand

Continuing its rising streak for the fourth straight day, mentha oil prices climbed 1.92% to Rs 1,037.90 per kg in futures trade today as speculators enlarged positions, tracking a firm trend at spot market on strong demand from consuming industries.

Besides, tight stocks position in the physical market due to restricted arrivals from growing region also supported the upside.

At the Multi Commodity Exchange, mentha oil for delivery in May month shot up by Rs 19.60 or 1.92% to Rs 1,037.90 per kg in business turnover of 1,151 lots.

Similarly, the oil for delivery in April contracts gained Rs 17.80 or 1.78% to Rs 1020.40 per kg in 877 lots.
 
Market analysts said besides strong demand from consuming industries in the spot market, lower arrivals from Chandausi in Uttar Pradesh, mainly kept mentha oil prices higher at futures trade.