Cardamom On MCX Settled Down By -1.11% At 993

Cardamom on MCX settled down by -1.11% at 993 due to favourable weather conditions in the main producing state-Kerala. In the current weather conditions, we are expecting higher output than this year. Hopes of early commencement of new crop produce also discouraged stockists to enter into fresh new deals. There are expectations of early commencement of harvesting activities that may weigh down the prices. Further, early onset of monsoon over Kerala may weigh down the prices.

Expectations of timely onset on monsoon and projection of good rains during the ensuing 4 month long monsoon season also impacted the sentiment. Monsoon has already reached Andaman Nicobar Island much before the normal date and expected to hit Kerala coast on May 30, two days before the normal date. While IMD projected normal rains during 2017 monsoon season, the private forecaster Skymet announced below normal rains this year.

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