Mentha oil futures extend gain, up 0.57% on rising demand

Continuing its rising streak for the third straight day, mentha oil prices were higher by 0.57 per cent to Rs 1,023.10 per kg in futures trading today as speculators engaged in enlarging their positions, taking positive cues from spot market on surging demand.
At the Multi Commodity Exchange, mentha oil for delivery in March month rose by Rs 5.80, or 0.57 per cent to Rs 1,023.10 per kg in business turnover of 20 lots.
On similar lines, the oil for delivery in February contracts was trading higher by Rs 5.50, or 0.54 per cent to Rs 1,015 per kg in 112 lots.

Analysts said widening of positions by participants on the back of rising demand from consuming industries in the spot markets against tight stocks position on restricted supplies from Chandausi in Uttar Pradesh, mainly kept mentha oil prices higher at futures trade.