Mentha oil up by 0.3% on rising demand

Extending gains for the second straight day, mentha oil prices moved up further by 0.29% to Rs 879 per kg in futures market today as participants engaged in enlarging their positions, driven by rising demand from consuming industries in the spot market.

At the Multi Commodity Exchange, mentha oil for delivery in February gained Rs 2.50, or 0.29%, to Rs 879 per kg, in a business turnover of 46 lots.

Similarly, the oil for delivery in far-month March traded higher by Rs 2.60, or 0.29%, to Rs 889 per kg in four lots.

Analysts said traders enlarged positions on the back of rising demand from consuming industries in the spot market against restricted supplies from Chandausi in Uttar Pradesh kept mentha oil prices higher at futures trade.