Cardamom futures plunge 4% on low demand

NEW DELHI: Cardamom prices dropped further by 4 per cent to hit lower circuit at Rs 767.10 per kg in futures trading today as speculators indulged in reducing positions amid a weak trend at spot market on subdued demand.

Besides, adequate stocks position in the physical market on increased supplies from producing regions put pressure on cardamom prices.

At the Multi-Commodity Exchange, cardamom for delivery in April plunged by Rs 31.90, or 4 per cent, to hit Rs 767.10 per kg in business turnover of 26 lots.

Similarly, the spice for delivery in May shed Rs 7.90, or 0.91 per cent, to Rs 861.30 per kg in 136 lots.

Market analysts said easing demand at prevailing levels in the spot market against adequate stocks position kept cardamom prices lower at futures trade.