Cardamom tumbles over 3 pct on profit booking

Cardamom prices tumbled by Rs 38.90, or 3.06 per cent, to Rs 1,231 per kg in futures trade on Tuesday.

February 22, 2011 13:44 IST

Cardamom prices tumbled by Rs 38.90, or 3.06 per cent, to Rs 1,231 per kg in futures trade on Tuesday as traders preferred to book profits, influenced by weak trend in the spot market.

Adequate stocks position following increased arrivals in the spot market from the producing regions also weighed down on the cardamom prices in futures trade.

At the Multi Commodity Exchange, cardamom for May contract plunged by Rs 38.90, or 3.06 per cent, to Rs 1,231 per kg, with a business volume of a single lot.

Similarly, delivery in March contract also fell by Rs 34, or 2.79 per cent, to Rs 1,186 per kg, with a trading volume of one lot.

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

This article was first uploaded on February twenty-two, twenty eleven, at forty-four minutes past one in the afternoon.