Mentha oil futures extend gain, up 1.54% on strong demand

Maintaining its upward trend, mentha oil prices advanced by 1.54 per cent to Rs 1,770.10 per kg in futures market today as speculators engaged in enlarging positions on the back of hectic demand from consuming industries in the spot market.

Furthermore, tight stocks position on fall in arrivals from producing belts supported the upmove.

At the Multi Commodity Exchange, mentha oil for delivery in far-month December rose by Rs 26.90, or 1.54 per cent to Rs 1,770.10 per kg in business turnover of 153 lots.

Similarly, the oil for delivery in November gained Rs 25.50, or 1.49 per cent to Rs 1,732.70 per kg in 37 lots.

Analysts said widening of positions by participants following pick up in demand from consuming industries like pharmaceutical units in the physical market against restricted supplies from Chandausi kept mentha oil prices higher at futures trade.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)