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Cardamom prices gained marginally last week on good domestic buying support despite heavy arrivals at auctions held in Kerala and Tamil Nadu.
Auction average moved up to above Rs 600 a kg as upcountry buyers started covering good quantities for the festival/wedding season, trade sources said.
Some export buying estimated at 30 tonnes also took place.
Nearly 95 per cent of the arrivals are of the new crop giving the impression that the old stocks have been cleared.
Weekly arrivals continued to remain at around 400 tonnes because of the early good crop and that has happened during the usual peak period of the season only. First round of picking is over and second round has begun. “Good quality capsules normally start arriving during the second and third round of picking,” they said.
Arrivals at the Sunday auction conducted by the KCPMC stood at 78 tonnes and the entire quantity was sold out, Mr P.C. Punnoose, General Manager, CPMC, told Business Line . The maximum price fetched was Rs 928.50 a kg and the minimum was Rs 337.50. Auction average increased to Rs 612.16 a kg from Rs 578 on the previous Sunday, he said.
He said the moderate price at this juncture kept the market stable and buyers seem to have realised that the prices are unlikely to fall sharply. “Therefore, they are ready to take a calculated risk,” he said.
Total arrivals during the current season up to August 14 stood at 802 tonnes against 175 tonnes in the same period the previous season.
Sales during the period were at 790 tonnes and 171 tonnes, respectively.
Weighted average price as on August 14, 2011 was at Rs 624 a kg while that on the same day last year was at Rs 1,355 a kg.
Good buying interest kept the market firmer on Monday in Bodinayakannur, according to trade sources.
Prices of all grades dropped at the auctions as well as in the open markets.
Prices in Kumily for graded varieties in rupees per kg were: AGEB Rs 870-880; AGB 685-695; AGS 640- 650 and AGS 1: 600 - 610.
Prices in the open market at Bodinayakannur in rupees per kg were:
AGEB (7mm) 850-860; AGB (6mm) 655- 660; AGS (5mm – 6mm) 640-650 and AGS 1: 580-585.
Favourable weather in all growing areas has led to expectations among Kumily traders of a bountiful harvest.
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