Cardamom futures gain Rs 18 on strong demand

Supported by strong demand in the spot market, cardamom prices surged by Rs 17.80 to Rs 771.50 per kg in futures trade today as speculators increased their positions.

Tight stock availability in the physical market amid a fall in supply from producing belts also influenced cardamom prices in the futures market here.

At the Multi Commodity Exchange, November cardamom shot up by Rs 17.80, or 2.36%, to Rs 771.50 per kg, with a turnover of 338 lots.

The December contract gained Rs 16.30, or 2.05%, to Rs 812.30 per kg, with a trading volume of 75 lots, while cardamom for current month delivery rose by Rs 14.50, or 2.08%, to Rs 709.50 per kg in 543 lots.

Market analysts said the rise in cardamom futures prices was due to strong domestic and export demand and the low stocks position, coupled with restricted supply.