Cardamom rises almost 2% as MCX withdraws special margin

Pick up in spot demand influences prices

Cardamom prices rose by Rs 19.90 to Rs 1,031.50 per kg in futures trade today as speculators enlarged their positions after exchange authorities withdrew the special margin of 25% amid a pick up in spot demand.

Lower arrivals from producing regions also influenced cardamom.

At the Multi Commodity Exchange, cardamom for delivery in September rose by Rs 19.90, or 1.97%, to Rs 1,031.50 per kg in business turnover of 1,100 lots.

The October contract traded higher by Rs 7.60, or 0.69%, to Rs 1,112.50 per kg in 266 lots.

Analysts said fresh positions created by speculators after MCX decided to withdraw the special margin of 25% on long side trades influenced cardamom futures prices.

Rising spot demand also influenced prices, they said.