Cardamom On MCX Settled Up By 0.17% At 994.5

Cardamom on MCX settled up by 0.17% at 994.5 on squeezed supply and uncertainty over the arrival of the new crop at auctions held in Kerala and Tamil Nadu. Thin arrivals, of late, coupled with uncertainty over the arrival of the new crop have pushed the prices up. The new crop is expected to trickle in from June end. The market is showing a firmer trend on thin arrivals and limited availability of quality material at the afternoon auction held in Bodinayakannur.

Arrivals last week dropped to 264 tonnes from 392 tonnes the previous week. Auction average moved up to 911.43 a kg from Rs. 866.06 a kg the previous week. Exporters were covering and they bought an estimated 40 tonnes last week. Total arrivals during the current season up to June 3, were at 18,215 tonnes and the sales were at 17,304 tonnes.

Individual auction average for the season as on June 3 was at Rs. 1,111.51 a kg. The weather conditions in the growing region were favourable with good rains following the onset of the south-west monsoon. Cardamom prices fell by about 20% in May alone as growers and traders were trying to liquidate stocks before the start of the next season which was expected to set in a month earlier in June because of good summer showers.

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