Cardamom On MCX Settled Up By 0.64% At 1057.6



Cardamom on MCX settled up by 0.64% at 1057.6 on short covering after prices dropped because of reports of favourable weather and hopes of early commencement of new crop supplies. Higher crop expectations in the upcoming harvest season also weighed on cardamom though rains in the cardamom growing regions are slightly lower than normal. Exports of small cardamom showed a sharp decline in volume in 2016-17 with a marginal dip in terms of value realisation when compared with the performance in 2015-16.

Total shipments of the aromatic spice stood at 3,850 tonnes valued at Rs. 421.50 crore in 2016-17 as against 5,500 tonnes valued at Rs. 449.83 crore in 2015-16. Exports showed a 30 per cent drop in quantity and 6 per cent decline in terms of value. The decline in exports could be attributed to the rise in the price of the commodity due to a fall in total production in the last crop. Cardamom demand has fallen to a trickle with traders not keen on stocking the commodity in fear of the transition to GST.

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