Cardamom surges 3%, hits upper circuit on better spot demand

Cardamom prices hits upper limit by surging Rs 26.20 to Rs 898.40 per kg in futures trade today, as traders enlarged their commitments, driven by pick up in strong export and domestic demand.

Lower arrivals from producing regions in the spot market too influenced cardamom prices at futures market here.

At the Multi Commodity Exchange platform, cardamom for the November contract was trading at three per cent (upper circuit) higher by Rs 26.20, to Rs 898.40 per kg, with a turnover of 1,069 lots.
    
The spice for the December delivery gained by Rs 25.60, or three per cent, to Rs 877.50 per kg, with a turnover of 494 lots, while January month contract surged by Rs 25.10, or 2.96 per cent, to Rs 871 per kg, with a business volume of 73 lots.
    
Market analysts attributed the rise in cardamom futures prices to strong demand in physical market amid low stocks.