 "Mentha oil up by 1% on rising demand")
Rising for the second straight day, mentha oil prices advanced by 0.97% to Rs 1,023.50 per kg in futures trade today as speculators indulged in enlarging their positions, taking positive cues from spot market.
Furthermore, reports of damage to standing crop due to recent unseasonal rains in growing regions further fuelled the uptrend.
At the Multi Commodity Exchange, mentha oil for delivery in May month rose by Rs 9.80 or 0.97% to Rs 1,023.50 per kg in business turnover of 714 lots.
Market analysts said besides rising demand from consuming industries in the spot market, reports of damage to crop due to recent unseasonal rains in growing regions, mainly boosted the sentiment.
Furthermore, reports of damage to standing crop due to recent unseasonal rains in growing regions further fuelled the uptrend.
At the Multi Commodity Exchange, mentha oil for delivery in May month rose by Rs 9.80 or 0.97% to Rs 1,023.50 per kg in business turnover of 714 lots.
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In a similar fashion, the oil for delivery in April contracts moved up by Rs 8.60 or 0.86% to Rs 1,007.50 per kg in 94 lots.
Market analysts said besides rising demand from consuming industries in the spot market, reports of damage to crop due to recent unseasonal rains in growing regions, mainly boosted the sentiment.