Cardamom futures contracts extended the weak trend as the production is expected to be higher this year. Lack of cues from the spot market also weighed on the sentiments.
There has been no auction of Cardamom in the spot markets of Kerala due to the protest over the issue on Mullaperiyar dam. The fall in prices may be limited if the current supply concern continue. Improved export demand may also limit the fall.
In April-October 2011, the combined exports of cardamom, small and large, rose 239.7 percent on year to 2650 tonnes. In rupee terms, Cardamom exports shot up 259 percent and 87 percent respectively, according to data by the Spices Board of India.
However, the supply situation in the coming days may weigh further price trend. Cardamom stocks in MCX accredited warehouse as of 14th December 2011 increased to 21.2 kg from 19.1 kg on previous day.
Courtesy: Geojit Comtrade Limited
If you want to have a free trial on Indian commodities or equity markets CALL TOLL FREE 08049311177 or visit tips.commodityonline.com
