Mentha oil futures edge higher on strong demand

Mentha oil futures traded higher on MCX as speculators enlarged positions driven by strong demand from consuming industries in the spot market. Further, tight stocks position in the physical market due to restricted supplies from the major producing belts too supported the uptrend. However, hopes of higher output from the major producing belts capped some gains in mentha oil prices to some extent. The contract for April delivery was trading at Rs 859.50/Kg, up by 0.55% or Rs 4.70 from its previous closing of Rs 854.80/Kg. The open interest of the contract stood at 3982 lots. The contract for May delivery was trading at Rs 871.20/Kg, up by 0.58% or Rs 5.00 from its previous closing of Rs 866.20/Kg. The open interest of the contract stood at 1051 lots on MCX.