Cardamom plunges 4%, hit lower circuit

Adequate stocks in the physical market put pressure on cardamom prices

Cardamom prices plunged by 4% to hit a lower circuit by 4% to Rs 559.90 per kg in futures trade today as speculators booked profits at prevailing higher levels amid subdued demand in the spot market.

 

Further, adequate stocks in the physical market also put pressure on cardamom prices.

 

At the Multi Commodity Exchange, cardamom for delivery in July declined by Rs 23.30, or 4%, to hit a lower circuit at Rs 559.90 per kg in business turnover of 6 lots.

 

Likewise, the spice for delivery in August shed Rs 5.70, or 0.74%, to Rs 763 per kg with trading volume of 1,141 lots.

 

Market analysts said profit-booking by speculators at current levels and subdued demand in the spot market against adequate stocks position mainly kept pressure on the cardamom prices to hit a lower circuit at futures trade.