The Hindu Business Line : Cardamom prices continue to rule high

Prices increased by Rs 25 to Rs 30 a kg at the auction conducted by the Cardamom Processing and Marketing Company (CPMC) on Wednesday from that of last Sunday.

Arrivals were only 18 tonnes. The reasons attributed to lower arrivals are severe cold in the growing areas and Christmas holidays. Besides, major growers are said to be holding back their produce ever since the prices crossed Rs 500 a kg after Diwali. They are now releasing small quantities so as to push up the prices. Decline of overall output during the current season coupled with hoarding of the produce has squeezed the arrivals, Mr P.C. Punnoose, General Manager, CPMC, told Business Line.

As the prices were ruling high, exporters were not active. However, they bought only 500 kg to cover their immediate requirement.

Indian cardamom remained outpriced in the world market. However, some demand from overseas was coming from selected buyers in Saudi Arabia because of the superior quality of the capsules, Mr Punnoose said.

The maximum price stood at Rs 640 a kg, while the minimum was at Rs 393. The average price on Wednesday moved up to Rs 560 a kg, he said. The 8mm bold fetched Rs 625 to Rs 650 a kg and 7mm to 8mm Rs 590-Rs 610 a kg. Bulk fetched Rs 570-Rs 580 a kg.

Arrivals at the auction held in Bodinayakannur on Thursday by STCL were only 13 tonnes. The prices here remained steady by and large at Wednesday’s levels.

The weather conditions, at present, are quite favourable for the crop. The plantations received good rains for about a week. Severe cold is said to be hampering the picking operations, some growers in Idukki said.