Cardamom On MCX Settled Up By 3.42% At 1049.5

Cardamom on MCX settled up by 3.42% at 1049.5 due to restricted supplies and good local as well as export buying. Meantime new crop supplies have started to pour in the major markets of producing centers but it failed to have any bearish impact on prices in the spot market due to nearly empty godowns of stockists amid good seasonal demand. With fresh spell of rains in the producing centres of Kerala, output prospects have brightened and production may be around 24,000 tons as against around 18,000 tons a year ago.

Stocks in Delhi market is estimated around 2,500 bags of 50 kilogram each. India exported 3,850 ton cardamom during 2016-17 down 30% on year due to high prices. India exported 5,550 ton cardamom a year ago. 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.

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