The Hindu Business Line : Cardamom prices decline on heavy arrivals

Kochi, Oct 6 Cardamom market witnessed marginal decline during last week on increased arrivals and inactive export enquiries at the auctions held in Kerala and Tamil Nadu.

The average price as on Sunday dropped by Rs 20 a kg to Rs 608 a kg. However, it remained by and large above Rs 600 a kg despite heavy arrivals during the week on good buying support.

EXPORTERS ABSENT

Exporters weren’t seen. Upcountry buyers were active and covering for the Diwali requirements. Diwali purchases are likely to be continued till next Sunday. Dealers in North India said to be holding no inventory given the high prices. They are buying only what is needed to meet the immediate requirements, trading sources said. Besides, arrival of Guatemalan cardamom in the Indian market is reportedly almost nil, they said.

Had the exporters were active the prices might not have declined at all, market sources told Business Line. But the prevailing high prices are keeping them away.

Arrivals at the KCPMC auction on Sunday stood at 52 kg and of which 1.5 tonnes of the commodity were withdrawn. Heavy arrivals were expected because of the peak harvesting time. Added to this, there was no auction last Thursday on account of holiday for Gandhi Jayanti, besides no auction will be held on Wednesday next on account of Mahanavami, Mr P.C. Punnoose, General Manager, CPMC, told Business Line.

Maximum price fetched was Rs 769 and minimum Rs 377 a kg. Average price was Rs 608 a kg. Out of the 52 tonnes, there were hardly 1.5 tonnes of 8mm bold. But, the entire quantity arrived was of good quality cardamom and hence the bulk was fetching Rs 625-635 a kg.

The conditions remained favourable. The North-East monsoon appears to have set in over the cardamom growing areas of Kerala’s Idukki district. This region has been receiving heavy rains for the past two days, trading sources said adding that if the monsoon continued with normal showers the late crop would be good.

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