Mentha oil futures extend gains on strong demand

Maintaining its rising streak for the third straight day, mentha oil prices advanced by 0.17 per cent to Rs 944 per kg in futures market today as traders engaged in enlarging their positions, driven by rising demand from consuming industries in the spot market.
In addition, restricted supplies from producing regions of Chandausi in Uttar Pradesh also fuelled the uptrend.
At the Multi Commodity Exchange, mentha oil for delivery in August moved up by Rs 1.60 or 0.17 per cent to Rs 944 per kg in business turnover of 699 lots.
On similar lines, the oil for delivery in July contracts traded higher by Rs 1.20 or 0.13 per cent to Rs 933 per kg in 500 lots.

Analysts said apart from a firm trend at spot market on rising demand from consuming industries, fall in arrivals from producing regions kept mentha oil prices higher at futures trade.