Cardamom futures surge 3% on spot demand

Cardamom prices surged by Rs 29.40 to Rs 1,010.40 per kg in futures trade today as speculators enlarged their positions, driven by a pick-up in spot demand due to the marriage season. 

Restricted arrivals from producing regions also influenced prices here, marketmen said.

At the Multi Commodity Exchange, cardamom for January delivery surged by Rs 29.40, or 3 per cent, to Rs 1,010.40 per kg with a business turnover of 13 lots.

Similarly, November contracts for cardamom jumped by Rs 27.80, or 2.83 per cent, to Rs 1,009.00 per kg, with an open interest in five lots.

Traders said a pick-up in demand in the spot market, driven by the ongoing marriage season, was mainly responsible for the rise in cardamom futures.

They said limited arrivals from the southern region also supported the uptrend in prices.