Mentha oil up 0.4% on pick-up in demand

Oil for April contract traded higher by 0.45%

Mentha oil prices rose by 0.47% to Rs 853.30 per kg in futures trade today as traders created fresh positions, driven by pick-up in demand from consuming industries in spot markets.

At the Multi Commodity Exchange, mentha oil for delivery in May rose by Rs 4, or 0.47%, to Rs 853.30 per kg, clocking a business volume of 136 lots.

The oil for April contract traded higher by Rs 3.80, or 0.45%, to Rs 841.20 per kg, with a trading volume of 284 lots.

Analysts said speculators created fresh positions on the back of a rise in demand from consuming industries in the spot market against restricted supplies from Chandausi in Uttar Pradesh that mainly led to rise in mentha oil prices at futures trade.