Cardamom rise due to spot demand

Posted By: Religare
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Cardamom rise due to spot demand
Yesterday, the prices of cardamom for the September delivery rose by Rs 22.20, or 2.59% to Rs 881 per kg, with a business turnover of 165 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 gained Rs 4.90, or 0.67% to Rs 737 per kg, in 360 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, futures
Story first published: Friday, June 3, 2011, 13:30 [IST]
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