Mentha oil futures extend gains on rising gains

Mentha oil futures extended gains for the third straight day by adding Rs 14.40 to Rs 1,138.40 per kg today as speculators enlarged their positions, driven by increased demand in the spot market.

At the Multi Commodity Exchange, mentha oil for delivery in February rose by Rs 14.40, or 1.28%, to Rs 1,138.40 per kg, with a trade volume of just one lot.

Similarly, the oil for delivery in March gained Rs 14, or 1.23%, to Rs 1,148.80 per kg, with a trade volume of just one lot. 

Market analysts attributed the rise in mentha oil futures prices to rising demand from pharmaceutical units at the spot market, against less arrivals from producing regions.