Financial Daily from THE HINDU group of publications
Monday, Oct 03, 2005
Financial Daily from THE HINDU group of publications Monday, Oct 03, 2005 |
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Agri-Biz & Commodities
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Spices & Condiments Cardamom market steady on good buying support G.K. Nair
Kochi , Oct. 2 CARDAMOM prices ruled steady at auctions in Kerala and Tamil Nadu during the week on good buying support despite heavy arrivals. During September 22-28, 291 tonnes of cardamom arrived at the auction centres and almost all of it was sold out. The total arrivals during the current season up to September 28 stood at 1,842 tonnes, of which 1,741 tonnes were sold against 773 tonnes and 728 tonnes respectively in the corresponding period last season. The weighted average price this season was Rs 238.71 a kg against Rs 329.09 last season. Prices of the graded varieties per kg as on September 29 were AGEB Rs 350-360, AGB Rs 245-250, AGS Rs 235-245, and AGS 1 Rs 215-220. Meanwhile, domestic market prices of these grades at Bodinayakannur on Thursday were AGEB Rs 310-320, AGB Rs 210-220, AGS Rs 200-210, and AGS 1 Rs 190-200. The increase in arrivals at the auction during the current season indicates that there is a decline in direct sales. According to market sources, growers are not ready to sell outside the auctions because of delay in payments; reportedly, it takes about two months to get the money from the traders, whereas buyers get the payment on the day of auction itself. Buying activity was good as north Indian buyers were active in the market. However, exporters seemed to be less active probably because of weak overseas demand. The overseas markets are reportedly holding carry forward stock of Guatemala cardamom. The current demand is from the selected markets where the consumers prefer superior grade Indian capsules, market sources said. At the Kumily auction on Wednesday, 73 tonnes of cardamom arrived and were sold out. A major exporter bought 10 tonnes. The 8 mm bold variety fetched Rs 494 a kg against Rs 484 last week while bold 7.5 mm fetched Rs 350-375. Current bulk having 25 per cent of 8 mm bold in it fetched Rs 285-295, Mr P.C. Punnoose, General Manager, Cardamom Processing and Marketing Society, told Business Line. According to him, export buying does not make any significant impact on the cardamom prices in the country as "our domestic market absorbs around 95 per cent of the production in the country." Because of the favourable weather conditions, production would be around 12,500 tonnes this year against 11,500 tonnes last year, trading sources said.
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