Mentha oil futures climb on improved spot demand

NEW DELHI: Improved demand from consuming industries at the spot market lifted mentha oil prices in the domestic futures trade on Wednesday.

Around 10: 35 am, MCX Mentha oil was at Rs 1,585.60 per kg, up by Rs 7.70, or 0.49 per cent.

Raising of bets by speculators, driven by a rise in demand from consuming industries at the spot market against limited supplies from key producing regions, drove mentha oil prices higher in futures trade.

"Lower arrivals from major producing belts of Chandausi in Uttar Pradesh are supporting prices. Export demand of oil in global markets is likely to be improved due to recovery in currency which is supportive for prices," said brokerage Motilal Oswal Securities.