Mentha oil futures rise 2.05% on spot demand

Continuing its upward trend for the fourth straight day, mentha oil prices rose by another 2.05 per cent to Rs 1,229 per kg in futures market today as participants raised bets, tracking a firm trend at the spot market.

At the Multi Commodity Exchange, mentha oil to be delivered this month was trading higher by Rs 24.70, or 2.05 per cent, to Rs 1,229 per kg clocking a business volume of 310 lots.

The oil for July delivery was trading higher by Rs 22.40, or 1.85 per cent, to Rs 1,233 per kg, with a trading volume of 353 lots.

Marketmen said raising of bets by speculators, driven by surging demand from consuming industries at the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.