Mentha oil up by 0.7% on tight supply

Mentha oil prices rose further by 0.70% to Rs 774 per kg in futures trade today as speculators enlarged positions, triggered by tight supplies from producing belts at spot market.

At the Multi Commodity Exchange, mentha oil for delivery in March month moved up by Rs 5.40, or 0.70% to Rs 774 per kg in business turnover of 17 lots.

Similarly, the oil for delivery in February contracts gained Rs 5, or 0.66% to Rs 763.80 per kg in 218 lots.

Analysts said the rise in mentha oil prices at futures trade was mostly attributed to speculators enlarging positions, driven by tight supplies on restricted arrivals from Chandausi in Uttar Pradesh in the physical market.