Mentha oil prices surged by Rs 29 to Rs 1,416 per kg in futures trade today as speculators created fresh positions on the back of a pick-up in demand from pharmaceutical units in the spot market.
The tight stocks position in the physical market due to lower arrivals from producing regions in Uttar Pradesh also influenced mentha oil futures prices.
At the Multi Commodity Exchange, January mentha oil surged by Rs 29, or 2.09%, to Rs 1,416 per kg, with a business turnover of 1,958 lots.
The February contract shot up by Rs 27.20, or 1.95%, to Rs 1,407.30 per kg in 379 lots.
Market analysts said besides a pick-up in spot demand, restricted arrivals from Chandausi, in Uttar Pradesh, gave a boost to mentha oil prices in futures trade.