Cardamom increases due to spot demand

Posted By: Religare
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Cardamom increases due to spot demand
On June 8, 2011, the prices of cardamom for the July contract also rose by Rs 10, or 1.22% to Rs 828 per kg, with a trading volume of 204 lots at the Multi Commodity Exchange (MCX) since the traders enlarged their holdings tracking the pick up in the demand in the spot market.

The cardamom for the August contract also moved up by Rs 8.60, or one% to Rs 870.50 per kg, with trading volume of 44 lots at the MCX.

The spice for the June contract moved up by Rs 4, or 0.54% to Rs 750 per kg, with a trade volume 116 lots at the MCX.

Moreover, reduced supply from the growing regions 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, commodities, mcx, futures
Story first published: Thursday, June 9, 2011, 13:30 [IST]
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