Cardamom tumbles 3% on profit booking

Cardamom prices tumbled by Rs 28.70 to Rs 926.40 per kg in futures trade today as speculators preferred to book profits, triggered by subdued demand in the spot market.

Increased arrivals from the producing regions also put pressure on the cardamom prices in futures trade.

However, expectations of a pick-up in domestic demand due to festive season limited the losses.

At the Multi Commodity Exchange, the October contract for cardamom plunged by Rs 28.70, or 3%, to Rs 926.40 per kg, with a business turnover of 835 lots.

The November contract declined by Rs 6.30, or 0.68%, to Rs 920 per kg, with a trading volume of 697 lots.

Marketmen said, besides profit taking by speculators at existing higher levels, fall in demand in spot market also put pressure on cardamom prices at futures market.