Mentha oil futures gain 0.23 per cent on spot demand

NEW DELHI: Mentha oil prices rose by 0.23 per cent to Rs 702.70 per kg in futures trade today as speculators indulged in creating fresh positions, supported by pick up in demand from consuming industries in the spot market.

Besides, tight supplies in the physical market following restricted arrivals from Chandausi in Uttar Pradesh further supported the uptrend.

At the Multi Commodity Exchange, mentha oil for delivery in December edged up by Rs 1.60, or 0.23 per cent to Rs 702.70 per kg in business turnover of 46 lots.

Similarly, the oil for delivery in November contract traded higher by Rs 1.50, or 0.22 per cent to 691.70 per kg in 69 lots.

Market analysts said fresh positions built up by speculators on the back of pick up in demand from consuming industries in the spot market, mainly led to the rise in mentha oil prices in futures trade here.