Mentha oil prices rose by 1.17 percent to Rs 1,660 per kg in futures trade Thursday as speculators engaged in enlarging their positions, tracking a firm trend at spot market on strong demand from consuming industries. Moreover, tight stocks position on the shortage of arrivals from the major producing belts too fuelled the uptrend.
At the MCX, Mentha oil for delivery in February has gone up by Rs 19.20, or 1.17% to Rs 1,660 per kg in business turnover of 94 lots. In the same way, the oil for delivery in Oct gained Rs.17.70, or 1.09% to Rs 1,639.90 per kilo in 220 lots.
It is attributed to the Marketmen that rising of bets by speculators in view of strong demand from the spot market-consuming industries kept Mentha oil prices higher in futures trade.