Cardamom On MCX Settled Down By -1.57% At 1009

Cardamom on MCX settled down by -1.57% at 1009 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 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.

The weather conditions were favourable with intermittent south west monsoon showers in the growing regions. Delayed arrival of south west monsoon in the cardamom growing regions has delayed the harvesting and that in turn has resulted in thin supplies. Meanwhile, upcountry buyers, by and large, are said to be still faced with teething troubles of the GST and until they are able to get into the track the demand is likely to remain limited. At the same time, export enquiries are there but availability of exportable grade material is tight.

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