Mentha oil prices up 1.10% on surging demand

Mentha oil prices were up 1.10 per cent to Rs 1,252 per kg in futures market today as speculators enlarged their positions due to pick up in demand from consuming industries in the domestic spot market.

Furthermore, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also supported mentha oil prices uptrend.

At the Multi Commodity Exchange, mentha oil for delivery this month rose by Rs 13.70, or 1.10 per cent, to Rs 1,252 per kg, clocking a business volume of 412 lots.

The oil for Novemer delivery traded higher by Rs 9.20, or 0.73 per cent, to Rs 1,262.90 per kg, with a trading volume of 104 lots.

Analysts said fresh positions built up by speculators, driven by rising demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)