Cardamom On MCX Settled Down By -1.59% At 1055.1

Cardamom on MCX settled down by -1.59% at 1055.1 on profit booking after prices last in some sessions on squeezed supply amid good buying interest at the auctions held in Kerala and Tamil Nadu. Self-imposed market intervention exercise by the sellers has squeezed the supply last week to 389 tonnes from 491 tonnes the previous week. Demand continued to remain stable with both upcountry dealers and exporters covering albeit not aggressively. 

Further, good summer showers in Idukki district of Kerala, from where more than 70 per cent of India’s cardamom crop comes, resulted in better yield expectations. The sharp fall in prices can also be attributed to normal monsoon 2017 forecasts which were released during the middle of the week. 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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