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Even though cardamom auction has resumed last Wednesday, the volume was much less as only one-third of the traders reportedly participated at the auctions.
Majority of the traders boycotted the auction in protest against the minimum bidding rate of Rs 2.
However, some auctioneers are optimistic about participation of more traders in the coming days. They are pinning hopes onupcountry buyers who might not be able to afford to wait for long for supply of the commodity.
However, from Tuesday onwards, 50 per cent of them are expected to participate, market sources in Bodi told Business Line . The auctioneers were not pooling the material.
At the CPA auction on Monday at Bodinayakannur, the arrivals stood at seven tonnes and the entire quantity was sold out. The average price stood at Rs 721.93 a kg.
The arrivals on Sunday consisted of good quality capsules of 6.5mm and above.
Exporters were active and they said to have bought around 20 tonnes of cardamom last week. Diwali buying is expected to pick up in the coming days, they said. The average price at the Sunday auction conducted by the KCPMC was Rs 765.03. Total arrivals stood at 23 tonnes and of which 21 tonnes were sold. Maximum price stood at Rs 860 and the minimum Rs 520, Mr P.C. Punnoose, General Manager, CPMC, said.
This year, the weather so far has been erratic with deficient rains and, hence, the crop is estimated to be much less than what it was in the previous season. Last season, there was a bumper crop estimated at over 25,000 tonnes.
According to the trade 1,77,835 acres of land are, at present, under cardamom and at the rate of a productivity of 175 kg an acre, the total output would be 31,000 tonnes.
Total arrivals and sales during the current season from August to October 28 were at 2,822 (5,500) tonnes and 2,639 (5,345) tonnes respectively.
The weighted average price as on Oct 28 stood at Rs 741.99 a kg as against 597.14 a kg on the same date last year.
Prices of graded varieties in Rs/kg on Monday: AGEB: 895-905; AGB: 680-690; AGS: 645-655 and AGS-1: 620-630.
Deficiency in the rains would have a negative impact on the crops, growers in Kumuly said.
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