Cardamom hits upper circuit on strong demand

Cardamom prices shot up by 4% to hit upper circuit at Rs 1,371.30 per kg in futures trade today on the back of strong demand in the spot markets.

Further, expectations of a fall in production in current year also influenced the cardamom prices.

At the MCX, cardamom for delivery in May surged by Rs 52.70, or 4%, to Rs 1,371.30 per kg, with a business turnover of 195 lots.

The June contract shot up by Rs 51.50, or 3.88%, to Rs 1,379.60 per kg, with an open interest of 1,310 lots.

Marketmen said besides strong demand in the spot market, less arrivals from producing regions led to a sharp rise in cardamom futures prices.