Mentha oil extends gains in futures trade on spot demand

Mentha oil prices extended gains for the second straight day by adding Rs 2.90 to Rs 1,143.50 per kg in futures trading today on rising demand from pharmaceutical units in the spot market against restricted arrivals from producing region. 

At the Multi Commodity Exchange, mentha oil for September delivery added Rs 2.90, or 0.25%, to Rs 1,143.50 per kg, with a business turnover of 66 lots. Likewise, the oil for August delivery gained Rs 2.50, or 0.22%, to Rs 1,132.50 per kg, with a business volume of 213 lots.

Market analysts said apart from rising demand from pharmaceutical units, restricted arrivals from producing areas of Chandousi in Uttar Pradesh following heavy rains also led to the rise in mentha oil prices.