Mentha oil futures prices today moved up by Rs 7.40 to Rs 1176.50 per kg as speculators enlarged their positions,driven by rising demand from consuming industries in the spot market amid lower arrivals from producing belts. Reports of lower production this season on late rains further fuelled the uptrend.
At the Multi Commodity Exchange,mentha oil for delivery in November moved up by Rs 7.40,or 0.63 per cent to Rs 1,176.50 per kg in business turnover of 120 lots. Likewise,the oil for delivery in October gained Rs 6.50,or 0.56 per cent,to Rs 1160 per kg in 445 lots.
Market analysts said rising demand from consuming industries in the spot market,lower arrivals from Chandousi in Uttar Pradesh mainly influenced mentha oil futures prices.