Cardamom futures drop 2.77 pc on muted demand

Cardamom prices plunged by 2.77 per cent to Rs 980 per kg in futures market today as speculators cut bets, taking negative cues from spot market on low demand.

Besides, ample stocks position on increased arrivals from producing belts, fuelled the downtrend.

At the Multi Commodity Exchange, cardamom for delivery in June dropped by Rs 27.90, or 2.77 per cent, to Rs 980 per kg in a business turnover of 5 lots.

In a similar fashion, the spice for delivery in May was trading lower by Rs 21.10, or 2.12 per cent, to Rs 972 per kg in 23 lots.

Marketmen said, cutting down of positions by participants owing to slackened demand in the physical market against adequate stocks position on higher supplies from producing belts, mainly pulled down cardamom prices at futures trade.