Mentha oil futures gain 0.54% on spot demand

Oil for delivery in January edged up by 0.48%

Mentha oil prices rose 0.54% to Rs 741 per kg in futures market today as speculators indulged in creating fresh positions amid pick-up in demand from consuming industries in the spot market.

At the Multi Commodity Exchange, mentha oil for delivery in February gained Rs 4, or 0.54%, to Rs 741 per kg in a business turnover of 212 lots.

Likewise, the oil for delivery in January edged up by Rs 3.50, or 0.48%, to Rs 729.70 per kg in 160 lots.

Marketmen said fresh positions built up by speculators, driven by pick up in demand from consuming industries in the spot market amid restricted arrivals from Chandausi in Uttar Pradesh, mainly led to the rise in mentha oil prices in futures trade.