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G.K. Nair

Kochi , Sept. 15

HEAVY selling of cardamom on a good crop and early harvest has resulted in sales increasing by over 800 tonnes during the current season to 1,282 tonnes. This is against 435 tonnes during the corresponding period a year ago.

The selling pressure is evident from the increase in arrivals at the auctions and it has resulted in keeping the prices at lower levels, despite good buying support. As a result, the weighted average price has remained at Rs 238.48 a kg against Rs 341.64 a kg during the same period last season, market sources at Bodinayakannur in Tamil Nadu and Kumily in Kerala told Business Line.

The low prices seem to have made a negative impact on the prices overseas as evident from the prices quoted by the buyers in the Gulf markets, the sources pointed out.

According to them, taking advantage of the prevailing price trend here the overseas buyers were quoting $8 a kg for AGEB grade (7mm and above green bold). Last year, it was sold at $10-10.5 a kg in the Gulf markets, Mr P.C. Punnoose, General Manager, Cardamom Processing and Marketing Company, auctioneer and exporter, said.

To aggravate the situation further, market players in Singapore holding carryover stock of Guatemala cardamom were offering at $5.5-6 a kg. Harvesting of the current crop in Guatemala is expected to commence by December.

According to him, the arrivals at the Kumily auction on Wednesday stood at 65 tonnes and almost all of it was sold out as 17 North Indian buyers mainly from Delhi and Kanpur bought for Diwali.

Exporters bought around 7 tonnes. 8mm bold was sold at Rs 475 a kg.

As the weather conditions prevailing in the growing areas continued to remain favourable, there could be a bumper crop this year, they said. Besides, the aggressive buying now by the north Indian dealers to beef up their inventory eyeing on the ensuing festival season might weaken the demand after Diwali and Ramzan, they said.

The average price of graded varieties as on September 10 were AGEB Rs 350-360 a kg, AGB Rs 245-250, AGS Rs 235-245 and AGS1 Rs 215 - 220.

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