Mentha oil goes up 0.98 pc in futures trade on spot demand

Mentha oil prices were up 0.98 per cent to Rs 1,531.10 per kg in futures market today as participants raised holdings on the back of pick-up in spot demand from consuming industries.
Besides, tight stock positions following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also provided support to mentha oil prices.
In futures trading at the Multi Commodity Exchange, mentha oil for delivery in February month rose Rs 14.80, or 0.98 per cent, to Rs 1,531.10 per kg, clocking a business volume of 259 lots.
The oil for far-month March delivery traded higher by Rs 13.10, or 0.86 per cent, to Rs 1,540.90 per kg, with a trading volume of 52 lots.

Analysts said raising of bets by speculators, driven by pick up in demand from consuming industries at the spot markets against restricted supplies from Chandausi led to the rise in mentha oil prices in futures trade.