Mentha oil futures extend gains, up 0.32% on rising demand

NEW DELHI: Continued its rising streak for the third day, mentha oil prices advanced by 0.32 per cent to Rs 698.50 per kg in futures trading today as speculators enlarged positions, driven by rising demand from consuming industries in the spot market.

Besides, tight stocks position in the physical market following restricted arrivals from Chandausi in Uttar Pradesh fuelled the uptrend.

At the Multi Commodity Exchange, mentha oil for delivery in November gained Rs 2.20, or 0.32 per cent to Rs 698.50 per kg in business turnover of 112 lots.

Similarly, the oil for delivery in December contract added Rs 2.10, or 0.30 per cent to Rs 709.30 per kg in 46 lots.

Market analysts said besides rising demand from consuming industries in the spot market, restricted arrivals from producing belts mainly kept mentha oil higher at futures trade.