Cardamom On MCX Settled Down By -0.78% At 1351.6

Cardamom on MCX settled down by -0.78% at 1351.6 as investors remained on the sidelines amid muted physical demand for cardamom in the domestic spot market. Farmers did not want to sell fearing delayed receipt of sale proceeds while the buyers were not enthusiastic to buy for want of sufficient funds and that in turn led to the suspension of over 50 per cent of the auctions last week. India’s production is likely to fall by 30-40% in 2016-17 due to unfavourable weather conditions. Prolonged dry weather occurred in the Idukki district, which has severely affected yield of the crop, which was in the flowering stage at that point of time.

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