Cardamom surges 3% on strong demand

Cardamom prices surged by 3% to Rs 737.10 per kg in futures trade today, as speculators enlarged their positions, supported by strong demand in the spot market.

Tight stocks position in the physical market following restricted arrivals from producing regions further supported the upside in cardamom prices.

At the Multi Commodity Exchange, the February contract for cardamom shot up by Rs 21.50, or 3%, to Rs 737.10 per kg in business turnover of 341 lots.

The March contract jumped up by Rs 22.90, or 3% to Rs 785.20 per kg in 1,514 lots.

Traders said besides strong demand in the spot market, supported by the ongoing marriage season, less arrivals from producing region mainly led an upsurge in cardamom futures prices.