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MUMBAI (Commoditiescontrol) - Cardamom prices reached season’s highest level which is ranging between INR 1600 and INR 2800 per kg levels. The weighted average price is estimated at around INR 1750 per kg levels.
The sharp increase in prices is attributed to prevailing drought conditions which is likely to impact on next season’s production.
Also, the availability of the superior grade (7.55 mm to 8 mm) is very limited. Apart from that, export of Indian cardamom is at very lower phase due to prevailing pesticide residue issues from the major destination, UAE. Rainfall during May 2019 will be crucial factor deciding the upcoming prices.
MCX Cardamom-May-2019
Our view on cardamom right from the beginning was on the right direction and last week touched as high as INR 2120.60 per kg.
Last week movement---1944 and 2120.60
Cardamom in fact has surpassed the previous all high of INR 2097 made in June 2010 (based on MCX futures continuation chart).
Next week move is crucial whether the current upsurge to continue or not.
(By Commoditiescontrol Bureau)
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