Surging demand pushes up mentha oil prices by 0.77%
Mentha oil prices were up 0.77 per cent to Rs 1,172.60 per kg in futures market today on surging bets after demand build-up from consuming industries in the domestic spot market.
Tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh supported the uptrend.
At Multi Commodity Exchange, mentha oil for delivery this month rose by Rs 9, or 0.77 per cent, to Rs 1,172.60 per kg, clocking a business volume of 55 lots.
The oil for October delivery traded higher by Rs 5.60, or 0.48 per cent, to Rs 1,182 per kg, with a trading volume of 187 lots.
Analysts said fresh positions built up by speculators, driven by rising demand from consuming industries, coupled with the lesser 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.)
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