Cardamom futures up on export demand

Cardamom futures prices surged by Rs 36 at Rs 1,234.60 per kg today on a firm trend in spot markets on rising exporters demand.

The uptrend was triggered by firm fundamentals and on strong buying support at spot markets. Farmers holding their crop on anticipation of better prices in futures further fueled the uptrend.

At the Multi Commodity Exchange counter, cardamom for January-month contract rose by Rs 36 or 3 per cent to Rs 1,234.60 per kg, while December contract surged by Rs 32.40 or 2.69 per cent to Rs 1,235 per kg.

The spice for delivery in Febuary gained by Rs 32.10, or 2.68 per cent to Rs 1,230.10 per kg.

Traders said pick up in demand in the spot market due to the ongoing marriage season and exporters, led to the rise in cardamom futures prices. 

They said restricted arrivals from producing region, following heavy rain and farmers holding their crop on expectations of better prices in futures, further supported the uptrend.