Cardamom futures rose by 2.72% in futures trade today as speculators indulged in enlarging their positions following reports of adverse weather conditions in major growing regions, and strong domestic and export demand.
At the Multi Commodity Exchange, the May cardamom surged by Rs 29.90 ($0.60, €0.46, £0.38), or 2.72%, to Rs 1,128.50 ($22.58, €17.21, £14.44) per kg, with a business turnover of 357 lots.
The April delivery rose by Rs 24.40 ($0.49, €0.37, £0.31), or 2.32%, to Rs 1,073.80 ($21.48, €16.38, £13.74) per kg, with a trading volume of 2,063 lots. The March spice in March rose by Rs 9.20 ($0.18, €0.14, £0.12), or 0.98%, to Rs 946 ($18.93, €14.43, £12.11) per kg, with a trading volume of 477 lots.
Traders said besides reports of adverse weather conditions in major growing centres affecting the crop, strong domestic and export demand also supported the upside in cardamom prices at futures trade.
Meanwhile, the Forward Markets Commission’s (FMC) decision to levy 10% special cash margin on the commodity to check volatility in its market capped the gains.