Mentha oil up 3% on strong demand

Oil for delivery in March edged up by 2.9%

Mentha oil extended gains and prices rose further by 3% to hit upper circuit at Rs 937.80 per kg in futures trade today as speculators created positions largely driven by strong demand from pharmaceutical industries in the spot markets.

At the Multi Commodity Exchange, mentha oil for delivery in April gained Rs 27.30, or 3.00%, to Rs 937.80 per kg, with a trading volume of 155 lots.

Similarly, the oil for delivery in March edged up by Rs 26.90, or 2.99%, to Rs 926.20 per kg, with a business turnover of 409 lots.

Marketmen said a firming trend at the spot markets on the back of demand from pharmaceutical industries amid restricted supplies from Chandausi in Uttar Pradesh, mainly influenced mentha oil prices at futures trade here.