Cardamom down 2.99% on low demand, higher supply

Speculators reduce positions as stocks pile up on higher arrivals from growing areas

Cardamom prices plunged 2.99 per cent to Rs 775.10 per kg in futures trade today as speculators reduced positions amid low demand against higher supplies in spot markets from producing belts.

At the Multi Commodity Exchange, cardamom for delivery in November tumbled by Rs 23.90, or 2.99 per cent to Rs 775.10 per kg in business turnover of 104 lots.

The December contract edged down by 90 paise, or 0.11 per cent to Rs 854.80 per kg in 259 lots.

Analysts said off-loading of positions by speculators amid higher supplies from producing regions and sluggish demand in the spot market mainly pulled down cardamom prices in futures trade.