Cardamom declines on slowing demand

Posted By: Religare
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Cardamom futures fell at the Multi Commodity Exchange (MCX) since the traders offloaded their holdings tracking the slow demand at the prevailing increased levels.

Cardamom futures for October 2011 contract, at MCX, was trading at Rs. 699.60 per 1 kg, down by 0.78% after opening at Rs. 706.80 against the previous closing price of Rs. 705.10. It touched the intra-day low of Rs. 694.30 till the trading. (At 2.21 PM today).

Moreover, the sufficient stocks holdings in the physical market also influenced the prices of the spice.

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: futures, mcx, cardamom
Story first published: Wednesday, October 5, 2011, 23:30 [IST]
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