Cardamom On MCX Settled Down By -3.29% At 1144.9

Cardamom on MCX settled down by -3.29% at 1144.9 due to fall in physical demand for cardamom in the domestic spot market. Further, abundant supplies amid higher physical arrivals from the major producing belts also weighed on cardamom prices. At present, harvesting is taking place in a few pockets such as Kallar and Mankulam in Munnar valley which had received summer showers and thus were not affected by drought. Whereas, harvesting in half of the main growing areas is expected to commence from August-end while picking in the rest of the areas would begin from mid-September. 

As a result, picking is likely to be limited to 3 to 4 rounds given the present weather conditions as against the normal six rounds. Arrivals stood at 10.5 tonnes and the almost the entire quantity was sold out. Export shipments in 2016-17 are expected to drop due to expectations of less availability on higher domestic consumption and higher prices. Domestic consumption is expected to be about 12,000-15,000 tonnes.

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