Mentha oil prices extended gains for the second straight day by adding Rs 4.50 to Rs 1,143.20 per kg in futures trading today as speculators enlarged their positions on the back of a rising demand in the spot market.
Restricted arrivals from the producing region further fueled the uptrend.
At the Multi Commodity Exchange, mentha oil for September delivery rose by Rs 4.50, or 0.40%, to Rs 1,143.20 per kg, with a business turnover of 87 lots.
Likewise, the oil for August delivery edged higher by Rs 3.70, or 0.33%, to Rs 1,138 per kg, with an open interest of 406 lots.
Market analysts said increased buying by speculators, driven by a firming spot market trend on rising demand from pharmaceutical units mainly pushed up mentha oil futures prices.
They added that limited arrivals from Chandousi in Uttar Pradesh also influenced the mentha oil prices.
