Cardamom On MCX Settled Down By -1.15% At 1040.2



Cardamom on MCX settled down by -1.15% at 1040.2 as pressure seen due to good pre monsoon showers in cardamom growing regions. Further, there are expectations of early commencement of harvesting activities that may weigh down the prices. However downside seen limited amid expectations of good export demand from Saudi Arabia ahead of Ramzaan. According to news sources, monsoon in 2017 could be 'normal' and bring 100 per cent rainfall instead of 96 per cent as predicted earlier by IMD. Sources expects higher Cardamom production current year due to favourable weather condition in major growing region. Current year new crop will come from July-August month. 

Cardamom imports reported higher in Indian market from Guatemala due to lower prices. At first Guatemala exporters offered higher prices due to expectations of lower production. There is a 50 per cent chance of El Nino occurring after August which means there will be no major impact on rainfall due to El Nino in the first two months of monsoon, which is very crucial for the cardamom crop.

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