Cardamom futures rise 1.02% on firm spot demand

Cardamom prices rose by 1.02 per cent to Rs 1,155 per kg in futures trade today as speculators created fresh positions after uptick in demand at the spot market.

Further, tight stocks and less availability of good quality cardamom also fuelled the up trend in the physical markets. Moreover, fears of damage to standing crops and delay in new crop supplies also fuelled the upward momentum.

At the Multi Commodity Exchange, cardamom for August delivery edged higher by Rs 11.70, or 1.02 per cent, to Rs 1,155 per kg in a business turnover of eight lots.

Likewise, the spice for delivery in September moved higher by Rs 9.70, or 0.88 per cent, to Rs 1,111.10 per kg with a trading volume of just one lot.

Analysts said, fresh positions built up by the traders due to pick-up in demand at the spot market against restricted arrivals from producing regions following fears of damage to standing crops and delay in new crop supplies, pushed up cardamom futures.