Mentha oil gains in third straight session, zooms 3%

Continuing its winning streak for the third straight day, mentha oil prices shot up by another 3% in futures trade today, largely on the back of fresh positions created by the speculators at prevailing levels.

Further, strong demand from exporters and pharma industries also influenced mentha oil prices.

At the MCX, mentha oil for delivery in May rose by Rs 42.60, or 3%, to Rs 1,461.90 per kg, with a trading volume of 482 lots.

The June contract traded Rs 42.20, or 3%, higher at Rs 1,447.60 per kg, with a business turnover of 281 lots.

Marketmen said fresh positions built-up by speculators at current levels and a firming trend at the spot markets on strong export and industrial demand mainly supported the upside in mentha oil prices at futures trade here.