Mentha oil futures extend gains on strong demand

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SummaryMentha oil prices extended gains for the second straight day by surging 2.72 per cent to Rs 1,352.90 per kg in futures market.

Mentha oil prices extended gains for the second straight day by surging 2.72 per cent to Rs 1,352.90 per kg in futures market today as speculators enlarged positions driven by strong domestic and export demand.

In addition, reports of lower output this season further fuelled the upswing in mentha oil.

At the Multi Commodity Exchange, mentha oil for delivery in November surged by Rs 36.70, or 2.72 per cent, to Rs 1,352.90 per kg in business turnover of 2,354 lots. Similarly, the oil for delivery in the December contract jumped up by Rs 35.10, or 2.64 per cent, to Rs 1,364.70 per kg in 1,211 lots.

Market analysts said besides strong domestic as well as export demand, restricted arrivals from producing belts mainly kept mentha oil futures higher for the second day.

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