Mentha oil prices were trading higher by 1.84 per cent to Rs 1,341.50 per kg in futures market today as speculators built up fresh positions amid pick-up in demand from consuming industries in the domestic spot market.
Besides, tight stock positions on restricted arrivals from major producing belts of Chandausi in Uttar Pradesh fuelled the uptrend.
At the Multi Commodity Exchange, mentha oil for delivery in the current month rose Rs 24.50, or 1.84 per cent, to Rs 1,341.50 per kg, clocking a business volume of 137 lots.
The oil for March also traded higher by Rs 20.30, or 1.53 per cent, at Rs 1,350 per kg, with a trading volume of 343 lots.
Marketmen said, raising of bets by speculators driven by rising demand from consuming industries at the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.
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