Cardamom hits upper limit at 4%

Cardamom prices hit its daily upper limit, gained Rs 62.70, or 4 per cent and traded at Rs 1,631.20 per kg in futures trade today on heavy buying by speculators influenced by firming spot demand.

Restricted supply from the producing Southern region of Kerala following heavy rains, amid fresh enquiries from the exporting units also influenced the cardamom prices at futures market here.

To cap any unwanted fluctuations, the exchange authorities have imposed an upper circuit of four per cent.

At the Multi Commodity Exchange counter, cardamom for August contract surged by Rs 62.70, or 4 per cent to the hit upper limit at Rs 1,631.20 per kg, with an open interest of Rs 725 lots.

Market analysts said heavy buying by speculators on strong demand in spot markets against less arrivals from the producing region led to a steep rise in cardamom prices at futures trade.