Cardamom On MCX Settled Up By 0.93% At 1052.3

Cardamom on MCX settled up by 0.93% at 1052.3 ahead of fresh harvesting of the new season crop weighed on prices. 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. Export demand for cardamom, mainly from Saudi Arabia which usually picks up April-May, is limited currently as most exporters are believed to have covered their requirement earlier fearing shortage of stocks.

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