Cardamom gains 3% on strong demand

Supported by strong demand in the spot market, cardamom prices surged by Rs 29.50 to Rs 1,011.70 per kg in futures trade today as speculators increased their positions.

Tight stock availability in the physical market amid fall in supply from producing belts also influenced cardamom prices in the futures market here.

At the Multi Commodity Exchange, the October contract for cardamom shot up by Rs 29.50, or 3%, to Rs 1,011.70 per kg, with a turnover of 1,319 lots.

The November contract gained Rs 22.90, or 2.33%, to Rs 1,005 per kg, with a trading volume of 670 lots.

Marketmen said the rise in cardamom futures prices was due to strong domestic as well export demand and the low stocks position coupled with restricted supply.