Mentha oil futures hit 4 pc upper circuit

Mentha oil prices hit the upper limit for the second straight day by surging four per cent at Rs 832.10 per kg in futures trade today on strong local and exports demand amid limited arrivals. Demand in spot markets mainly guided speculators to enlarge their positions in futures trading and the prices surged to hit […]

Mentha oil prices hit the upper limit for the second straight day by surging four per cent at Rs 832.10 per kg in futures trade today on strong local and exports demand amid limited arrivals.

Demand in spot markets mainly guided speculators to enlarge their positions in futures trading and the prices surged to hit a four-per cent upper circuit imposed by the Multi Commodity Exchange (MCX).

They said the prices are likely to rise further in coming weeks following pick up in demand from major consumers such as pharmaceutical units amid exporters buying.

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On the Multi Commodity Exchange,mentha oil for April contract rose Rs 32 or 4 per cent to Rs 832.10 per kg,with a trading volume of 229 lots. The oil was higher by four per cent in previous session.

The oil for delivery in May rose by Rs 21.50 or 2.85 per cent to Rs 774.90 per kg,in a business volume of 1,194 lots,while June contract moved up Rs 15.90 or 3.21 per cent to Rs 744 per kg,in a business turnover of 588 lots.

Limited arrivals from Chandausi in Uttar Pradesh also boosted the trading sentiment to some extent,traders said.