Cardamom declines due to profit taking

Cardamom declines due to profit taking
May 30, 2011, the prices of cardamom for the September contract fell by Rs 21.60, or 2.56% to Rs 823.50 per kg, with a business turnover of 78 lots at the Multi Commodity Exchange (MCX) due to the profit booking by the traders at the prevailing increased levels.

The spice for the June contract also lost Rs 19.60, or 2.47% to Rs 773.20 per kg, with a business volume of 454 lots at the MCX.

Moreover, the fresh supply in the spot market from the growing regions also influenced the prices.

Cardamom is the 'Queen of Spices' as it is one of the most exotic and highly prized spices. Cardamom plants normally start bearing two years after planting.

Guatemala, India, Tanzania, Sri Lanka, El Salvador, Vietnam, Laos, Cambodia and Papua New Guinea are the major cardamom growing countries while the world production of cardamom is estimated at 30000 -35000 MT.

Kerala (70%), Karnataka (20%) and Tamil Nadu (10%) are the cardamom growing states in India while about 90% of the produce is consumed within the nation.

Cardamom is sold at auction centres. Important markets for cardamom in the country are Vandanmendu, Bodinayakanur, Kumily, Thekkady, Kumbum and Pattiveeran Patti in Kerala.

Read more about: cardamom, commodities, mcx
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