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Cardamom prices ruled steady last week on balanced demand and supply at auctions held in Kerala and Tamil Nadu.
Arrivals were good because of holidays last week. As upcountry buyers were active whatever volume of capsules arrived was picked up. Exporters bought some 10 tonnes. The total arrivals last week stood at around 172 tonnes.
As the average price started ruling above Rs 1,000, many have resorted to selling. Sharp fall in prices in recent weeks resulted in many of the traders, who had bought at higher prices and stocked earlier, losing. They were selling now when the prices improved to above Rs 1,000 a kg to balance it out.
There has been an improvement in domestic demand mainly because of the festival season. Another reason attributed is the reported lifting of ban on the pan-parag industry, which also started buying good quantities.
Arrivals at the Sunday auction conducted by the KCPMC stood at 58.5 tonnes and the entire quantity was sold out. The rise in arrivals was due to the holidays in connection with the Assembly elections on April 13 and Tamil New Year's day on April 14, Mr P.C. Punnoose, General Manager, CPMC, told Business Line .
This week also the market is likely to remain closed for three days on account of Easter, he said.
The maximum price on Sunday stood at 1,326 a kg and the minimum was at Rs 700 a kg. The average was at Rs 1,014.77 a kg.
The individual auction average price remained in the range of Rs 1,000 and Rs 1,020 a kg during the week.
Arrivals
Total arrivals during the current season from August 1 to April 17 stood at 8,810 tonnes. Of this 8,596 tonnes were sold.
Arrivals and sales in the same period of the previous season were 8,820 tonnes and 8,610 tonnes respectively.
Weighted average price as on April 17, 2011 was Rs 1,088 a kg, up from Rs 810 a kg same day last year.
Prices for graded varieties were steady at previous levels. The prices in rupees a kg according to official sources in Kumily on Monday were: AGEB 1,245–1,255; AGB 1,135–1,145; AGS 1,120–1,130 and AGS1 1,095–1,105.
Prices according to trade sources in the open market in Bodinayakannur in rupees/kg were: AGEB (7–8 mm) 1,060–1,110; AGB (6–7 mm) 1,005-1,015; AGS (5– 6 mm) 975-990 and AGS1 950–960.
Good colour 8 mm bold capsules were fetching Rs 1,400 a kg, trade sources in Bodi told Business Line . Good bulk was being sold at Rs 1,020– 1,050, they said.
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