Cardamom On MCX Settled Up 2.24% At 954.7

Cardamom on MCX settled up 2.24% at 954.7 on account of good buying support from both exporters and upcountry buyers. However upside seen limited amid favourable weather conditions of late and a consequent early arrival of the new crop next month.

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.

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.

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