Mentha oil extends gain in futures trade on rising demand

Extending gains for the second straight day, mentha oil prices advanced by 0.07% to Rs 905.70 per kg in futures trade today as traders widened their positions, tracking a firm trend at the spot market.

At the Multi Commodity Exchange, mentha oil for delivery in far-month February edged up by 60 paise, or 0.07% to Rs 905.70 per kg in a business turnover of three lots.

In a similar fashion, the oil for delivery in January traded higher by 50 paise, or 0.06% to Rs 893.70 per kg in 167 lots.

Analysts said traders enlarged position on the back of rising demand from consuming industries in the spot market against limited supplies from Chandausi in Uttar Pradesh which kept mentha oil prices higher at futures trade.