Cardamom surges 3% on strong spot demand

Cardamom prices surged by Rs 47.60 to Rs 1,627.60 per kg in futures trade today, as speculators enlarged their positions, supported by strong demand in the spot market.

Restricted arrivals from southern producing regions also buoyed the sentiment, raising cardamom prices.

At the Multi Commodity Exchange counter, cardamom for delivery in April surged by Rs 47.60, or 3 per cent, to Rs 1,627.60 per kg, with an open interest of just one lot.

Similarly, the spice for delivery in February shot up by Rs 30, or 2.03 per cent, to Rs 1,536 per kg, with a business turnover of three lots, while delivery for January rose by Rs 18, or 1.27 per cent, to Rs 1,438 per kg, with an open interest of just one lot.

Traders said strong demand in the spot markets, amid restricted arrivals from producing regions led to a rise in cardamom futures prices.