Mentha oil prices went up by a whopping 2.33 per cent to Rs 1,636.20 per kg in futures market Monday as speculators created positions amid pick-up in demand from consuming industries in the domestic spot market.
Furthermore, tight stocks position on restricted supplies from Chandausi in Uttar Pradesh too supported the upside in prices.
At the Multi Commodity Exchange, mentha oil for delivery in January rose Rs 37.20, or 2.33 per cent, to Rs 1,636.20 per kg, clocking a business volume of 287 lots.
Marketmen said increased bets by speculators, driven by firm demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices.
Disclaimer: No Business Standard Journalist was involved in creation of this content