Cardamom futures incited some more buying today due to weak production estimates of the current year along with some exporters demand at lower levels. The MCX futures spurted by almost Rs 50 per kg in the last two trading day.
In the current year, the total production of cardamom production is likely to reach only 14000-14500 tonnes , down almost 8000 tonnes from the last year due to poor weather conditions during the crop formation period. Therefore, poor supplies have encouraged strong bargain buying at the lower levels.
The spot prices of cardamom 8 mm and best quality were trading in the range of Rs 750-950 per kg, up almost Rs 20 per kg today . While the total daily arrivals were reported around 35 tonnes , down 75 tonnes from the last day.
The MCX October Benchmark contract augmented by almost Rs 37 per kg today to close at Rs 1023.20 per kg. The benchmark contract pared 120 contracts in open interest witnessing some short covering.
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