Cardamom decline due to profit booking

Posted By: Religare
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Cardamom decline due to profit booking
Yesterday, the prices of cardamom for the June contract fell by Rs 13.80, or 1.84%, to Rs 734 per kg, with a business turnover of 339 lots at the Multi Commodity Exchange (MCX) due to the decline in the demand at the prevailing increased levels.

The spice for the August contract eased by Rs 6.10, or 0.71%, to Rs 851.90 per kg, with a business turnover of 46 lots at the MCX.

The spice for the July contract moved down by Rs 5.80 or 0.71% to Rs 808.20 per kg in 194 lots at the MCX.

Moreover, the fresh supply in the spot market from the growing regions also influenced 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: commodities, mcx, cardamom
Story first published: Wednesday, June 8, 2011, 13:30 [IST]
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