Cardamom rise due to steady spot demand

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Cardamom rise due to steady spot demand
On June 9, 2011, the prices of cardamom for the June contract rose by Rs 12, or 1.57% to Rs 775.80 per kg, with a trading volume of 390 lots at the Multi Commodity Exchange (MCX) due to the good demand against the reduced arrivals in the spot market.

The cardamom for the July delivery rose by Rs 10.30, or 1.23% to Rs 845.60 per kg in 345 lots at the MCX.

The spice for the August contract rose by Rs 9.90, or 1.13% to Rs 889 per kg, with a business turnover of 60 lots at the MCX.

Moreover, the good local and export demand in the midst of limited stock holdings due to fewer arrivals also supported 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: commodities, cardamom, futures
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