The Hindu Business Line : Cardamom prices decline on bearish sentiments

Kochi, Feb. 3 The cardamom prices declined marginally during the week on bearish sentiments following widespread rains in the growing areas during the week.

The rains have created a feeling among the buyers that there would be a comparatively good and early crop next season. As a result, the buyers have slowed down their activities, trading sources said.

Strong fundamentals

When compared with the prices on Sunday, there was a decline of around Rs 30 a kg at Wednesday’s auction conducted by the Cardamom Processing and Marketing Company (CPMC). The average price dropped to Rs 609.50 a kg from Rs 641.50 on Sunday. However, given the strong fundamentals, the prices are likely to stabilise somewhere between Rs 650-700 a kg, Mr P.C. Punnoose, General Manager, CPMC, told Business Line. The arrivals continued to remain thin, compared with previous seasons. It is a clear indication that the crop is lower in the current season than that of last season, which was also less compared with the season before last, he said.

The average price at the auction held by Heddar Systems on Tuesday was Rs 620 a kg. 8mm bold was fetching Rs 725-750 a kg while that for 7mm to 8mm was Rs 690-710 a kg. Current bulk was being sold at Rs 610-630 a kg. The bearish sentiments have resulted in a decline in dealers’ participation at the auction. They have resorted to a wait-and-watch attitude, he said.

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