Cardamom Bounces Back On Weather Concerns 10-Feb-2014

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GSR-2Cardamom futures gained sharply on speculative buying on weather concerns. MCX Cardamom March delivery settled the day at Rs 828.90, up Rs 28.40 or 3.55% from last close.

Dry weather in the cardamom belts is aiding upside in the cardamom futures prices. Weather developments in the coming two months needs be watched to estimate further price trends in cardamom. As per the latest spices export data released by the spices board of India, India exported small Cardamom of 1,805 MT valued at Rs. 144.35 crore during the period April to November 2013, jumped 38% and 22% respectively in volume and value of exports. Strong arrivals were keeping cardamom prices sluggish during the year and upside may get capped in medium term. As per the latest weekly news letter released by the spices board, the overall quantity sold in the auction centers in India so far 03rd February 2014 is estimated at 14,222.43 tonnes with average rate of Rs 593.67 a kg, against 7,435.27 tonnes with average rate of Rs 767.73 a kg same period last year. Indian crop is better on favorable weather this year and the harvesting is at end stage. As per the market sources, Crop size of Guatemala is similar to last year.

Cardamom futures bounced back from the prior day’s losses on bargain buying. Cardamom corrected in the last few sessions after surging more than Rs 100 per 1 kg from the contract lows. Cardamom ended the day at Rs 828.90, up Rs 28.40 or 3.55% from last close and the open interest added 117 positions to 3,745 tonnes, indicating fresh buying.

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