Cardamom plunges 4%, hits another lower limit

Cardamom futures prices today extended losses for the second straight session and hit yet another lower limit of 4% to Rs 1,373.80 per kg due to continued profit-booking by speculators amid fall in the spot demand.

Adequate stocks position in the physical market due to higher supplies from producing regions kept pressure on cardamom.

At the Multi Commodity Exchange, cardamom for delivery in August plunged by Rs 57.20, or 4%, to Rs 1,373.80 per kg in a business turnover of 1,197 lots.

September cardamom declined by 22.50, or 1.69%, to Rs 1,306.50 per kg in 380 lots.

Market analysts said besides continued profit-booking by speculators at existing higher levels, sluggish spot demand caused cardamom futures prices to hit lower circuit.