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G.K. Nair

Good buying support from upcountry markets

Kochi , Sept. 24

Cardamom prices ruled steady and strong during the week on good buying support from upcountry markets.

Dealers, who appear to have exhausted their inventories, were active in the market buying so as to cater to the increased demand on account of the ensuing festival season, Divali and Ramzan, market sources told Business Line.

Price range

Almost all the quantity arrived at various auctions in Tamil Nadu and Kerala during the week were sold out. The individual average price at the auctions remained above Rs 380 a kg.

The maximum price of the season was Rs 629 fetched by "parrot green 8 mm bold capsules" at the Cardamom Marketing and Processing Company (CPMC)'s auction on Wednesday at Kumily, according to Mr P.C. Punnoose, General Manager, CPMC.

Capsules of 7 - 7.5 mm size fetched Rs 430 - 450 a kg while current bulk was sold at Rs 385 - 405, he said.

Exporters were not active due to the high prices, which they claimed are not competitive in the overseas markets. However, at Kumily auction, exporters bought 10 tonne of the commodity, he said.

Arrival

Increased arrivals indicated that there was a selling pressure in view of the Divali festival as the growers wanted money to meet their commitments.

According to market sources, the demand might continue till the festival season is over and till the arrival of Guatemala cardamom in the markets by Nov/Dec. Export demand has not picked up because of the ruling high prices. In fact, an estimated four tonne of cardamom could only be exported last month from Kerala, Tamil Nadu region, they said.

The total arrivals during the current season as on September 20 stood at 1,211 tonne and of which 1,084 tonne were sold, as against the arrival of 1,496 tonne and sales of 1,415 tonne in the same period in the previous season. The weighted average price went up to Rs 356.23 a kg (Rs 238.26 a kg).

Prices of graded varieties as on September 16 were AGEB Rs 465 - 475; AGB Rs 390 - 400; AGS Rs 370 - 380 and AGS1 Rs 345 - 355 a kg. The prices of the commodity in the open market in Bodinayakannur were AGEB Rs 370 - 380, AGB Rs 280 - 295, AGS Rs 265-275 and AGS 1 Rs 245 - 255 a kg. Current bulk was sold at Rs 300 - 360 a kg.

The weather conditions prevailing in the growing areas are favourable for the past few weeks with intermittent rains and that might result in some improvement in the late crop, planters said. If the current prices sustained, they would be able to plough back some funds for improving the plantations, they added.

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