MUMBAI (Commodity Online): Mentha oil futures settled higher on Tuesday due to firm domestic demand from the pharmaceutical industries.
In MCX mentha oil February contract closed at Rs.1571.50 per Kg, higher by 1.74 per cent against the previous close.
In the morning session the contract traded at a range of Rs.1536-1577 per Kg. Open interest of the contract stood at 4059 lots and volume traded is 7142 lots.
Good demand from the International markets and the domestic pharmaceutical Industries was noted. Traders expect an overall Bullish trend to prevail in the markets as arrivals in the mandis remained moderately low.
The trend is likely to remain volatile in the short term as the higher levels too have not been sustainable. But medium term sentiments look positive on an expected pick up in demand in coming weeks.
