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Small cardamom prices gained last week marginally from the previous week’s as arrivals dropped sharply at the auctions.
Arrivals slipped to around 350 tonnes from 510 tonnes from a week ago.
A bearish sentiment continued to rule the market following the continued intermittent rains in the growing areas last week also. Notwithstanding, whatever material arrived in the market was being absorbed, PC Punnoose, General Manager, CPMC, told BusinessLine.
The market sentiment is that the next crop will be good and early; and it might hit the market by mid-June.
Upcountry dealers who bought at higher prices were covering briskly to square off, he said. Last year at this time, the individual auction average price was hovering at around ₹900 a kg. Exports have slowed down and shippers bought an estimated 30 tonnes last week.
Arrivals last week were 351 tonnes against 400 tonnes in the same week of the previous season, trade sources said.
The market improved by around ₹20 a kg at Monday’s auction conducted at Bodinayakannur by Cardamom Planters Association, they said. Arrivals stood at 21.4 tonnes and of this 20.4 tonnes were traded. The auction average moved up to around ₹660 a kg from about ₹640 the previous Monday.
The individual auction average last week vacillated between ₹640 and ₹740. During the same period a year ago, the average price was between ₹850 and ₹990.
Total arrivals during the season up to May 2 stood at 17,835 tonnes (19,263 tonnes). Sales were 17,401 tonnes (18,624 tonnes) The auction average as on May 2 was ₹698/kg (₹864).
Prices of graded varieties (₹/kg): 8 mm bold green 980-1,050; 7- 8 mm 840-875; 6-7 mm 725-760; below 6 mm: 625-650.
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