Cardamom rises due to spot demand

Posted By: Religare
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Cardamom rises due to spot demand
Yesterday, the prices of cardamom for the September contract gained Rs 20.30, or 2.39% to Rs 864.10 per kg, with a business turnover of 135 lots at the Multi Commodity Exchange (MCX) since fresh holdings were created by the traders tracking the pick up in the demand in the spot market.

The spice for the June contract edged up by Rs 1.70, or 0.21% to Rs 794.10 per kg in 421 lots at the MCX.

Moreover, the steady trend at the spot markets on account of the rise in the demand in the midst of the decline in the supply from southern growing belts 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: cardamom, commodity, mcx, futures
Story first published: Thursday, June 2, 2011, 13:30 [IST]
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