Mentha oil up 1.2% as demand picks up

Oil for delivery in August contract traded higher by 1.1%

Mentha oil prices rose 1.16% to Rs 723.70 per kg in futures trade today after speculators enlarged positions, supported by pick up in demand from consuming industries in the spot market.

Besides, restricted arrivals from producing regions further fuelled the uptrend.

At the Multi Commodity Exchange, mentha oil for delivery in July moved up by Rs 8.30, or 1.16% to Rs 723.70 per kg in business turnover of 368 lots.

Similarly, the oil for delivery in August contract traded higher by Rs 7.70, or 1.06% to Rs 736.60 per kg in 110 lots.

Analysts said the rise in mentha oil at futures trade was mostly supported by rising demand from consuming industries in the spot market amidst restricted arrivals from Chandausi in Uttar Pradesh.