Cardamom surges due to spot demand

Posted By: Religare
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Cardamom surges due to spot demand
On May 16, 2011, the prices of cardamom for the June contract rose by Rs 22.50, or 2.41% to Rs 955 per kg, with a business turnover of three lots at the Multi Commodity Exchange (MCX) since the traders enlarged their holdings tracking the steady spot market trend on account of the rise in the demand.

The spice for the July contract also moved up by Rs 20.10, or 2.10% to Rs 975 per kg, with an open interest of two lots at the MCX.

Moreover, the reduced supply from the growing belts also supported the prices of the spice.

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, commodities
Story first published: Tuesday, May 17, 2011, 13:30 [IST]
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