MUMBAI (Commodity Online): On the back of superior quality and export demand, cardamon futures at India's Multi Commodity Exchange, for March delivery has risen 17.28% to Rs 828.10 in February till date.
Lack of availability of high quality cardamom from Guatemala has diverted the buyers to India as India offers superior quality of spice to the buyers.
India's production in the current year is expected to rise 30% to 21000 tons.
Globally, cardamom production is mainly concentrated in India (Tamil Nadu, Kerala) and in Guatemala.
According to Dharmesh Bhatia, Associate Vice President, Research at Kotak Commodities, cardamom is short term bullish. Traders are advised to go long on MCX Cardamom at current market price (CMP) with prices holding above Rs 800 and dips toward Rs 785 with a target of Rs 960 and stop loss at Rs 721 level.
In MCX, cardamom for March delivery traded up 2.35% to Rs 848 per qtl on 22st February.
