Mentha oil prices rise by 0.73% on pick up in demand

Mentha oil prices were up 0.73 per cent to Rs 1,038 per kg in futures market today as participants widened their holdings on the back of rising demand from consuming industries at the spot market.

Moreover, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also supported the mentha oil prices uptrend.

At the Multi Commodity Exchange, mentha oil for delivery this month rose by Rs 7.60, or 0.73 per cent, to Rs 1,038 per kg, clocking a business volume of 250 lots.

The oil for January delivery traded higher by Rs 5.10, or 0.49 per cent, to Rs 1,044 per kg, with a trading volume of 147 lots.
 

Analysts said fresh positions built up by speculators, driven by rising demand from consuming industries in the spot markets against restricted supplies from Chandausi led to the rise in mentha oil prices in futures trade.