NEW DELHI: Mentha oil prices jumped in the domestic futures market on Thursday, riding on higher demand coupled with restricted arrival from key producing regions.
Around 11 am, MCX Mentha oil was at Rs 1,648.20 per kg, up by Rs 18.70, or 1.15 per cent.
Raising of bets by speculators, driven by surging demand from consuming industries at the spot market against limited supplies from producing regions, drove mentha oil prices higher in futures trade.
According to the brokerage Geojit Financial Services, the prevailing buying momentum in the commodity could stretch towards Rs 1,640-1,660 ranges initially or more to Rs 1,675. However, an unexpected fall below Rs 1,590 may see the momentum fizzling out.
Source: Economic Times