Mentha oil futures extend gain on rising demand

NEW DELHI: Continuing its winning streak for the third day in a row, mentha oil price advanced by 1.17 per cent to Rs 1,660 per kg in futures trading today as speculators engaged in enlarging their positions, tracking a firm trend in spot market on strong demand.

Besides, tight stocks position on fall in arrivals from the major producing belts of Chandausi fuelled the uptrend.

At the Multi Commodity Exchange, mentha oil for delivery in February shot up by Rs 19.20, or 1.17 per cent, to Rs 1,660 per kg in business turnover of 94 lots.

Likewise, the oil for delivery in January contracts gained Rs 17.70, or 1.09 per cent, to Rs 1,639.90 per kg in 220 lots.

Marketmen said raising of bets by speculators on the back of strong demand from consuming industries in the spot market kept mentha oil prices higher in futures trade.