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Mentha oil futures climb on spot demand
NEW DELHI: Mentha oil prices climbed in domestic futures trade on Wednesday on a rise in demand by consuming industries.
Around 11:25 am, MCX Mentha oil was at Rs 1,591.90 per kg, up by Rs 10.50, or 0.66 per cent.
Raising of bets by speculators, driven by higher demand from consuming industries at the spot market against limited supplies from key producing regions, drove mentha oil prices higher in futures trade.
As per the brokerage SMC Global Securities, mentha oil (February) is likely to trade with a positive bias taking support near Rs 1,565 level. Sentiment is bullish on the commodity as delayed sowing due to untimely rains and inclement weather conditions is likely to affect the crop yield.