 "Cardamom plunges by 3% on weak demand, higher supply")
Continuing its losing streak for the fifth straight day, cardamom prices plunged nearly 3% to Rs 638.50 per kg in futures trading today as speculators engaged in reducing holdings amid sluggish demand in the spot market.
Besides, adequate stocks availability in the physical market following higher arrivals from producing region also kept pressure on cardamom at futures trading.
At the Multi Commodity Exchange, cardamom prices for delivery in July plunged by Rs 19.70, or 2.99%, to Rs 638.50 per kg in business turnover of 24 lots.
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Similarly, the spice for delivery in August traded lower by Rs 3.50, or 0.46%, to Rs 765.70 per kg in 224 lots.
Market analysts said t he fall in cardamom futures prices was due to off-loading of positions by speculators on sluggish demand in the spot market against adequate stocks position following higher arrivals from producing belts.
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