Date:11/08/2007 URL: http://www.thehindubusinessline.com/2007/08/11/stories/2007081150391400.htm

Back MCX to accept 6 mm cardamom delivery

G.K. Nair

Kochi, Aug. 10 MCX has decided to accept delivery of 6 mm cardamom from the September contract onwards, based on feedback received from planters, farmer organisations and traders.

Cardamom futures contracts were introduced on February 14, 2006.

The contracts clock an average daily turnover of Rs 12 crore, according to an exchange release here.

Mr Joseph Massey, DMD, MCX, said, “A total of 120 million tonnes of delivery worth Rs 4.6 crore has been facilitated on the exchange platform till date. From September contract onwards, we will also accept 6 mm and above grade of cardamom but at a 15 per cent discount to 7 mm.

“Generally, around 30 per cent of the crop is above 7 mm and 40 – 45 per cent is 6-7 mm. The move will help farmers and traders to hedge their risk and receive maximum benefit during the season. It will also enable increased deliveries at the exchange.”