Mentha oil price shoots by 0.94 per cent amidst soaring demands

NEW DELHI: Supported by rising demand in the spot markets, mentha oil prices moved up by 0.94 per cent to Rs 956.70 per kg in futures trade today as speculators enlarged positions.

At the Multi Commodity Exchange, mentha oil for delivery in May month rose by Rs 8.90, or 0.94 per cent to Rs 956.70 per kg in business turnover of 650 lots.

In a similar fashion, the oil for delivery in June contracts traded higher by Rs 9.00, or 0.94 per cent to Rs 970.50 per kg in 186 lots.

Analysts said the rise in mentha oil prices at futures trade was on the back of fresh positions built-up by speculators, driven by pickup in demand from consuming industries in the spot markets.

Moreover, restricted supplies from Chandausi in Uttar Pradesh, influenced mentha oil prices.