Mentha oil futures hit upper limit, up 4% on strong demand

Mentha oil prices surged by 4 per cent to hit upper limit at Rs 978.50 per kg in futures market today as traders enlarged their positions, taking positive cues from spot market on upsurge in demand from consuming industries.
At the Multi Commodity Exchange, mentha oil for delivery in December month shot up by Rs 37.60, or 4 per cent to Rs 978.50 per kg in business turnover of 117 lots.
On similar lines, the oil for delivery in November contracts traded higher by Rs 36.90, or 3.96 per cent to Rs 967.90 per kg in 402 lots.
Analysts said a firm trend at spot market on strong demand from consuming industries against tight stocks position on restricted arrivals from producing regions mainly pushed up mentha oil prices at futures trade.