Cardamom On MCX Settled Up By 1.24% At 963.3

Cardamom on MCX settled up by 1.24% at 963.3 following a decline in arrivals and a sluggish start to the monsoon in Idukki district of Kerala where the spice is grown the most. Harvest is expected to begin by this month-end and growers feel that if rains don’t intensify, production will be less than anticipated. Cardamom demand has fallen to a trickle with traders not keen on stocking the commodity in fear of the transition to GST.

Buyers in terminal market of Kochi and up-country buyers in North India have been advised to keep nil stocks by the end of June so that the transition to GST will have a minimal impact. The decline in the market would have been huge if not for the fact that it is off-season and supply is low. The traders are taking a wait and watch attitude as they are not clear about the stocks during the transition period.

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