Mentha oil futures extend gains on tight supply

Rising for the second straight day, mentha oil prices were up by another 0.51 per cent to Rs 920.70 per kg in futures trade today as speculators widened positions driven by tight supplies from producing regions.
At the Multi Commodity Exchange, mentha oil for delivery in September moved up by Rs 4.70 or 0.51 per cent to Rs 920.70 per kg in business turnover of 180 lots.
Similarly, the oil for delivery in October contracts gained Rs 3.60, or 0.39 per cent to Rs 932.10 per kg in 23 lots.
Market analysts said tight stocks position in the physical market due to restricted arrivals from producing regions against rising demand from consuming industries kept mentha oil prices up.