Cardamom plunges nearly 2% on profit-booking

Cardamom futures prices today plunged by nearly 2% per cent to Rs 1,065 per kg as speculators booked profits at prevailing higher levels amid a fall in domestic demand.

At the Multi Commodity Exchange, the january contract for cardamom plunged by Rs 21.50, or 1.99%, to Rs 1,065 per kg in business turnover of 655 lots.

The December contract lost Rs 16.40, or 1.67 per cent, to Rs 964.80 per kg in 1,904 lots.

Market analysts said besides profit booking by speculators at existing higher levels, fall in demand in the spot market against adequate stocks position mainly kept pressure on cardamom prices at futures trade.