Mentha oil prices rose by Rs 9.40 to Rs 1,345.30 per kg in futures trade today as traders enlarged their holdings, tracking rising industrial demand.
A firming trend in the spot market on increased buying amid restricted supply from the main growing belt of Chandausi, in Uttar Pradesh, also supported the upswing in mentha oil futures prices.
At the Multi Commodity Exchange, December mentha oil rose by Rs 9.40, or 0.70%, to Rs 1,345.30 per kg, with an open interest for 252 lots.
The January contract gained Rs 9.20, or 0.69%, to Rs 1,338.60 per kg in 29 lots, while November contract mentha oil futures rose by Rs 8.10, or 0.60%, to Rs 1,339 per kg in 503 lots.
Analysts said fresh buying by traders following a pick-up in spot market demand and lower arrivals from Chandausi mainly pushed up mentha oil prices in futures trade.
Rising demand from the pharmaceuticals industry also pushed mentha oil prices higher in the futures market, they said.
