Cardamom On MCX Settled Down By -1.54% At 1025.1

Cardamom on MCX settled down by -1.54% at 1025.1 as pressure seen after new crop supply hit the market. Arrivals of the new cardamom crop from Idukki and Munnar in Kerala have begun in significant quantity almost a month earlier than normal. Good rains in Kerala in Apr-May have pushed the harvest of the new crop early this year. Arrivals of the new crop have started and more than 50% of the produce at auctions is from the fresh supply.

Arrivals will gather pace by July-end, when daily supply will reach around 100 tn. The arriving new crop has 8% moisture content as it is from the first picking. The second round of picking is likely to start by mid-August, followed by third and fourth rounds, which will continue until February. With production of cardamom expected to rise in 2017-18 (Jul-Jun) due to good summer rains and southwest monsoon, prices may decline further.

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