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      Cardamom plummets on new supplies

      Capital market / Mumbai, Jun 19, 2013 05:10 PM IST

        Cardamom futures plunged by 4 per cent today due to fresh arrivals of cardamom in local mandies along with weak demand by traders.

        As per the market sources, daily fresh arrivals of cardamom have been reported in the physical market in the range of 10-15 kgs.

        Traders are expecting some more surges in overall cardamom supplies from the next week.

        Moreover, the overall production of the cardamom in the current year is likely to be increased by 10-12 per cent from the last year on the account of favourable weather conditions during the growing period.

        This will also encourage the early harvesting of cardamom crop in all the major growing areas.

        The MCX Cardamom futures slumped by almost Rs 32 per kg today to close Rs 775.50 per kg.

        The MCX futures added 0.20 per cent in open interest indicating fresh short positions by traders.

        Click here for the latest price of MCX Cardamom.

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