Mentha oil rise 2.40 pc on pick-up in demand

NEW DELHI: Mentha oil prices were trading higher by 2.40 per cent to Rs 1,603 per kg in futures market today as speculators enlarged positions, amid pick-up in demand from consuming industries in the domestic spot market.

Besides, tight stock positions on restricted arrivals from producing belts and lower output estimates, gave support to mentha prices.

At the Multi Commodity Exchange, mentha oil for delivery in current month rose Rs 37.60, or 2.40 per cent, to Rs 1,603 per kg, clocking a business volume of 504 lots.

The oil for March delivery also traded higher by Rs 32.40, or 2.06 per cent, at Rs 1,607.90 per kg, with a trading volume of 2.06 lots.

Marketmen said raising of bets by speculators, driven by rising demand from consuming industries at the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.