Cardamom prices dropped marginally last week on slack demand amid moderate arrivals. The individual auction average price declined to below ₹800 a kg.

Export buying shrunk as no fresh orders were forthcoming following an upsurge in the prices, exporters said. They attributed this phenomenon to release of cardamom by Guatemala which was holding back its stocks for prices to move up.

They continued to offer to the main market for the commodity in the world, West Asia, at competitive rates about $2/kg below Indian prices, market sources told Business Line. They said Guatemala was offering at $12-12.5 a kg against the Indian price of $14-14.5 a kg. The individual auction average last week vacillated between ₹780 and ₹795 a kg.

At the Sunday auction held by the KCPMC, arrivals decreased to 65 tonnes from 85 tonnes the previous Sunday and the entire quantity was almost sold out. The maximum price was at ₹1,154 .

The auction average declined to ₹786.46 from ₹802 the previous Sunday, PC Punnoose, General Manager, CPMC, said. Prices of exportable variety have gone up to around ₹800 a kg and that has led to a slowdown in export buying.

During the current season ending in July, arrivals are 18,333 tonnes against 10,640 tonnes during the same period a year ago. Sales were 17,817 tonnes against 10,135 tonnes.

The weighted average price as on April 13 was ₹617.80 against ₹748.20 a kg the same date last year.

Prices of graded varieties (₹/kg): AGEB 980-990; AGB 820-830; AGS 790-800 and AGS -1: 770-780. Bulk prices ranged between ₹450 and ₹1,500 a kg.

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