Mentha oil futures surge 1.9% on pickup in demand

Oil for delivery in July contracts traded higher by 1.72%

Mentha oil prices were sharply up by 1.97 per cent to Rs 972.00 per kg in futures trade today as speculators indulged in creating fresh positions, driven by pickup in demand from consuming industries in the spot market.

Furthermore, tight stocks position in the physical market on restricted arrivals from Chandausi in Uttar Pradesh supported the upside.

At the Multi Commodity Exchange, mentha oil for delivery in June month climbed Rs 18.80, or 1.97 per cent to Rs 972.00 per kg in business turnover of 694 lots.

Also, the oil for delivery in July contracts traded higher by Rs 16.70, or 1.72 per cent to Rs 986 per kg in 110 lots.
 
Marketmen said speculators built up fresh positions, triggered by pick up in demand from consuming industries in the spot market, mainly led to the rise in mentha oil prices at futures trade.