Mentha oil futures hit upper circuits on firm demand

Mentha oil prices rose further by 43.80. Or 4 per cent to hit upper limit at Rs 1,139.50 per kg in futures trading today as engaged in building up their positions, tracking a firm trend at spot market on strong demand.
Furthermore, tight stock position following a fall in arrivals from major producing belts of Chandausi in Uttar Pradesh fulled the uptrend.
At Multi Commodity Exchange, mentha oil for delivery in August spurted by Rs 43.80, or 4 per cent to Rs 1,139.50 per kg in business turnover of 48 lots.
In a similar fashion, the oil for delivery in September contracts traded higher by Rs 44.30, or 4 per cent to Rs 1,152.80 per kg in 5 lots.

Analysts said widening of positions by speculators, driven by pick up in demand from consuming industries in the spot market against restricted supplies mainly kept mentha oil prices higher at futures trade.