Cardamom Ends Down On Profit Taking

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Cardamom ended the day lower on profit booking. The MCX Cardamom May delivery ended the day at Rs 977, down Rs 11.80 or 1.19% from last close.

Weather worries in the cardamom belts and export enquiries aided recent upside in the cardamom futures prices. Weather developments in the coming two months needs be watched to forecast further price trends in cardamom. India exported 2,080 tonnes of Small cardamom valued Rs. 164.29 crore during April to December 2013, up 40% in quantity and 23% in value. As per the latest weekly news letter released by the spices board, the overall quantity sold in the auction centers in India so far April 28th 2014 is estimated at 19,236.90 tonnes with average rate of Rs 626.16 a kg, against 11,409.671 tonnes with average rate of Rs 757.48 a kg same period last year.

Cardamom jumped near Rs 1000 mark level, up almost Rs 230 from the contract low of Rs 773 during January month of this year. The counter off the high on some profit taking at higher side. The counter ended the day at Rs 977, down Rs 11.80 or 1.19% from last close and the open interest dipped 253 tonnes to 1,609 tonnes, indicating profit taking.

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