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G.K. Nair

Poor weather conditions may have negative impact

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Kochi Feb. 9 Aggressive buying by exporters continued to push up cardamom prices at the auctions held in Kerala and Tamil Nadu during the week.

Exporters have bought around 50 tonnes during the week, auction sources told Business Line. According to them, good export orders from West Asia — mainly Saudi Arabia — are in hand, while demand from Japan has also started pouring in. Given this trend there could be substantial rise in the export of cardamom during February to March this year, they added.

Exporters eager

Due to unfavourable weather conditions in the growing areas, exporters "are competing to buy the good quality capsules", the sources pointed out. Also, there are reports that good quality cardamom from Guatemala has been at short supply this year, they said. Anticipating good demand from overseas, the exporters are buying to stock and meet future requirement.

At the Kumily auction on Wednesday conducted by the Cardamom Processing Marketing Company exporters bought 20 tonnes out of the total arrival of 72 tonnes, Mr P.C. Punnoose, General Manager of CPMC, said. The north Indian buyers are liquidating the stocks held by them at the current prices and replenishing the inventory by fresh buying. All these factors have pushed up the prices.

Bold 8 mm having good colour fetched the maximum of Rs 595 a kg while 7.5 mm and 7 mm were sold at Rs 450-Rs 500 and Rs 410-Rs 430 a kg, respectively. Current bulk was sold at Rs 355-375 a kg as 90 per cent of the lots were of 6.5mm and above. The average price at the Kumily auction was Rs 377 a Kg.

Similar trend was seen in the auctions held at other centres also, auction sources said.

The prices of graded varieties as on February 6 were AGEB Rs 430-Rs 440, AGB Rs 345-Rs 355, AGS Rs 325-Rs 335 and AGS 1 Rs 290-Rs 300 a kg. The local market prices at Bodinayakannur on Thursday were AGEB Rs 410-Rs 420, AGB Rs 320-Rs 330, AGS Rs 310-Rs 320 and AGS 1 Rs 280-Rs 290. Bulk was fetching Rs 350-Rs 450 a kg.

Total arrivals at auctions during the current season up to February 6 stood at 5,379 tonnes and the sales at 4,948 tonnes as against 5,717 tonnes and 5,367 tonnes, respectively, as on the same day last season. The weighted average price went up to Rs 297.75 a kg from Rs 224.78 a kg.

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