The cardamom prices which moved up in the mid last week, declined later in the week on selling pressure at the auctions held in Kerala and Tamil Nadu.

The growers, who were holding stock hoping that the prices would touch Rs 1,500 a kg, have started selling large quantities when the average price crossed Rs 1,000 a kg, trade sources said.

North Indian demand picked up slowly while exporters were also buying as the prevailing prices were said to be workable for them. They bought an estimated 15 tonnes last week, they said.

Change in sentiment increased the arrivals at the KCPMC auction on Sunday to 57.7 tonnes from around 30 tonnes in the previous auctions and of this, about six tonnes were withdrawn, Mr P.C. Punnoose, General Manager, CPMC, told Business Line .

The maximum price fetched was Rs 1,297.50 a kg and the auction average was Rs 1,012.64 a kg (Rs 1,015.98).

He said those holding the stock are appeared to have a feeling that the prices might not touch their anticipated Rs 1,500 a kg and, hence, resorted to liquidation and that in turn, has resulted in a selling pressure pulling the market down at the weekend. ?It is evident from the rise in arrivals on Sunday?, he said.

Add to this, the rains on Sunday also might lead to bearish sentiments on the belief that it might reduce the gap between the current crop and opening of the next crop, he said.

Currently, seventh round of picking is underway and one more picking is expected before the end of the current season, he said.

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