Cardamom prices rise on monsoon woes

KOCHI: Cardamom prices have moved up following a decline in arrivals and a sluggish start to the monsoon in Idukki district of Kerala where the spice is grown the most. Prices have moved up by Rs 100 to Rs 950 per kg and cardamom futures are trending high on the Multi Commodity Exchange (MCX) too.

Harvest is expected to begin by this month-end and growers feel that if rains don’t intensify, production will be less than anticipated. Last year, cardamom output was down by 50 per cent at 15,000 tonnes.

Cardamom prices, after reaching a high of Rs 1,400 per kg a couple of months ago dropped to Rs 850 per kg in the spot market in expectation of a bumper crop following summer rains, before rising to the current level. June futures for delivery at MCX ruled higher at Rs1,053 per kg on Friday.

Arrivals to the auctions declined by half to about 40 tonnes daily at the fag end of the season. “The new harvest season will set in by this month-end. But if rains don’t intensify in Idukki in the coming days, the anticipated good crop will not happen,” said PC Punnoose, GM of Cardamom Processing and Marketing Cooperative Society