Cardamom On MCX Settled Up By 2.09% At 995.4

Cardamom on MCX settled up by 2.09% at 995.4 on reports that the new season harvest may be late on lower than expected monsoon rains. A delay in the arrival of new crop arrivals, contrary to expectations, has triggered a bullish sentiment in the small cardamom markets, aiding a price rise, albeit marginal. Arrivals stood at 281 tonnes last week, against 295 tonnes the previous week. The weekly auction average moved up to 972.30 a kg from Rs. 962.73 a kg the previous week.

Total arrivals during the current season up to June 24 were at 19,035 tonnes and sales were at 18,102 tonnes. The Cardamom Growers Association estimates that there would be a minimum drop of 30% in annual production. The cardamom sector is the largest provider of employment after tea plantations in the district. The unfavourable weather has come at a time when prices too have fallen. The worst affected were small-scale farmers with cultivation below five acres of land.

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