MUMBAI (Commodity Online): Even though increased arrrivals in the spot market, cardamom price in India is expected to stay high on improved demand from domestic as well as overseas buyers.
According to Karvy report, present conditions for cardamom is excellent and Traders are more confident that prices will continue to climb in favor of a working long.
Meanwhile, high export demand is also supporting the price hike as the Indian cardamom offered to global buyers is of superior quality and at competitive prices.
Globally, cardamom production is mainly concentrateed in India (Tamil Nadu, Kerala) and in Guatemala.
Lack of availability of high quality cardamom from Guatemala has diverted the buyers to India.
Meanwhile according to SMC report, Cardamom futures (Mar) is expected to remain below 820 levels as arrivals are expected to increase in coming days due expectations of better harvesting in cardamom growing regions.
The analysts has recommended the buyers to buy cardamom March contract at Rs 806 with a target of Rs 838 and stop loss Rs 784.
India's production in the current year is expected to rise 30% to 21000 tons.
On India's Multi Commodity Exchange (MCX), cardamom for June delivery traded up 1.655 to Rs 925 on 16th February.
