Mentha oil futures gain 0.56% on industrial demand

NEW DELHI: Mentha oil futures prices today gained 0.56 per cent to Rs 1,431.70 per kg as speculators created fresh positions, driven by pick-up in industrial and export demand.

Tight availability in the physical market following less arrivals from the growing belts of Chandausi in Uttar Pradesh also supported the upsurge.

At the Multi Commodity Exchange, mentha oil for delivery in January rose by Rs 8.10, or 0.56 per cent, to Rs 1,431.70 per kg, with a business turnover of 824 lots.

Similarly, the oil for delivery in February gained Rs 7.90, or 0.54 per cent, to Rs 1,446.40 per kg, with trading volume of 80 lots.

Analysts said fresh buying by speculators following pick- up in industrial and export demand amid lower arrivals from Chandausi in Uttar Pradesh, mainly pushed up mentha oil prices at futures trade.