Mentha oil extends gains on spot demand

Mentha oil prices climbed 1.82 percent to Rs 1,738.90 per kg in futures market Wednesday after participants raised bets amid a pick-up in demand from consuming industries at spots market.

Besides, restricted supplies from the major producing belts of Chandausi in Uttar Pradesh, too, supported the uptrend.

At the Multi Commodity Exchange, mentha oil for delivery in October was trading higher by Rs 31, or 1.82 percent, to Rs 1,738.90 per kg, clocking a business volume of 153 lots.

Oil for this month was trading higher by Rs 30.30, or 1.79 percent, to Rs 1,722 per kg, with a trading volume of 433 lots.

Marketmen said raising of bets by speculators, driven by surging demand from consuming industries at the spot market against restricted supplies from Chandausi led to the rise in mentha oil prices in futures trade.