Mentha oil futures up on spot demand

Snapping a three-day losing streak, mentha oil futures prices recovered by Rs 10.30 to Rs 1,155 per kg in futures trade today, as speculators turned active and created fresh positions at an attractive level.

Pick-up in demand at the spot market supported the recovery in mentha oil prices at futures trade here.

At the Multi Commodity Exchange counter, mentha oil for delivery in February recovered by Rs 10.30, or 0.94 per cent, to Rs 1,155 per kg, with a business turnover of two lots.

In a similar fashion, the oil for delivery in January gained Rs 7.90, or 0.69 per cent, to Rs 1,147 per kg, with a business turnover of two lots.

Market analysts attributed the rise in mentha oil at futures trade to fresh buying by speculators on pick-up in demand in the spot market.

Fresh enquiries from pharmaceutical industries also supported the uptrend, they added.