Mentha oil prices rose by Rs 6.30 to Rs 1,117.10 per kg in futures trade today largely influenced by higher spot market demand against lower arrivals.
In addition, reports of fall in production has been keeping the sentiments firm. Rains in growing areas in UP also has had a bullish impact on the market sentiment as it affects the oil extraction process adversely.
At the Multi Commodity Exchange, mentha oil for August delivery rose by Rs 6.30, or 0.56% to Rs 1,117.10 per kg, with a business volume of 591 lots.
The oil for September delivery gained Rs 5.50, or 0.49%, to Rs 1,126.70 per kg, with a trading volume of 150 lots.
Similarly, the oil for October delivery gained Rs 3.60, or 0.31%, to Rs 1,132.10 per kg, with a business volume of 35 lots. Market analysts said increased buying by speculators on rising export and domestic demand in the spot markets helped mentha oil futures to trade higher.
