Cardamom declines due to profit taking

Posted By: Religare
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Cardamom declines due to profit taking
On April 28, 2011, the prices of cardamom for the July contract fell by Rs 9.40, or 0.90% to Rs 1,027 per kg, with a business turnover of 19 lots at the Multi Commodity Exchange (MCX) due to the slow demand at the prevailing increased levels.

The spice for the June contract also shed Rs 9.10, or 0.88% at Rs 1,022 per kg, with a business turnover of 33 lots at the MCX.

The cardamom for the May contract moved down by Rs 7, or 0.69% to Rs 1,000 per kg, with a business volume of 45 lots at the MCX.

Moreover, the fresh supply in the spot market from the growing belts 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, mcx, investment
Story first published: Friday, April 29, 2011, 12:30 [IST]
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