Mentha oil prices gained by Rs 15.50 to Rs 1,594.30 per kg in futures trade today as traders indulged in creating fresh positions, driven by pick up in spot market demand.
Mentha oil prices rose in the domestic markets due to pick up in the spot market demand and speculators enlarging their positions supported by rising industrial demand.
Restricted arrivals from Chandausi in Uttar Pradesh also influenced the mentha oil prices at futures trade.
At the Multi Commodity Exchange, mentha oil for delivery in February gained Rs 15.50, or 0.98%, to Rs 1,594.30 per kg, with a trading volume of 1,133 lots, while the March contract rose by Rs 11.90, or 0.74% to Rs 1,615 per kg, with a business turnover of 177 lots.
April menthol oil was up Rs 11.10, or 0.69%, to Rs 1,615 per kg, with a business turnover of 11 lots.
Marketmen said fresh buying by traders following pick up in spot demand and lower arrivals from Chandausi in Uttar Pradesh mainly pushed up mentha oil prices at futures trade.