Mentha oil gains 1.57% on strong demand

Tight supplies from producing belts support uptrend

Mentha oil prices climbed 1.57 per cent to Rs 1,033.50 per kg in futures trade today as speculators enlarged positions, amid strong domestic demand and tight supplies from producing belts.

At the Multi Commodity Exchange, mentha oil for delivery in June shot up by Rs 16.00, or 1.57 per cent to Rs 1,033.50 per kg in business turnover of 100 lots.

The May contract traded higher by Rs 15.10, or 1.50 per cent to Rs 1,021.20 per kg in 588 lots.

Analysts said apart from a firm trend at spot market on the back of rising demand from consuming industries, reports of damage to standing crop due to unseasonal rains in growing regions, mainly pushed up mentha oil prices at futures trade.