Cardamom remains up on festive demand

Strong export and domestic demand amid restricted arrivals in the spot market help raise prices

Continuing its rising streak, cardamom prices gained 2.88% to Rs 1,008 per kg in futures trade today as traders enlarged their positions, driven by pick-up in domestic demand due to festive season.

At the Multi Commodity Exchange, the October contract for cardamom rose by Rs 28.30, or 2.88%, to Rs 1,008 per kg, with a business turnover of 855 lots.

The November contract edged up by Rs 13.50, or 1.42%, to Rs 960 per kg, with a business turnover of 727 lots.

Marketmen attributed the rise in cardamom futures prices to strong export and domestic demand amid restricted arrivals in the spot market.