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Mentha oil prices up 0.31% on surging demand

NEW DELHI, Oct 5:  Mentha oil prices were up 0.31 per cent to Rs 1,213.30 per kg in futures market today as speculators enlarged their positions due to pick up in demand from consuming industries in the domestic spot market.

Furthermore, tight stock position following restricted arrivals from major producing regions of Chandausi in Uttar Pradesh also supported mentha oil prices uptrend.

At the Multi Commodity Exchange, mentha oil for delivery this month rose by Rs 3.80, or 0.31 per cent, to Rs 1,213.30 per kg, clocking a business volume of 240 lots.

The oil for November delivery traded higher by Rs 2.90, or 0.23 per cent, to Rs 1,226 per kg, with a trading volume of 48 lots.

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

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