Mentha oil futures gain 0.99% as demand picks up

Mentha oil prices were up by 0.99 per cent to Rs 1,652 per kg in futures market Monday as speculators raised bets amid pick-up in demand from consuming industries in the domestic spot market.

Further, tight stocks position on fall in supplies from Chandausi in Uttar Pradesh influenced mentha oil prices.

At the Multi Commodity Exchange, mentha oil for delivery in March went up by Rs 16.20, or 0.99 per cent to Rs 1,652 per kg in business turnover of 183 lots.

Marketmen said widening of positions by speculators due to rising demand from consuming industries in the physical markets against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.