Agri Business

Arrivals at cardamom auction decline, venue shifted to Bodinayakanur due to strike

V. Sajeev Kumar Kochi | Updated on January 08, 2020 Published on January 08, 2020

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The nation-wide trade union strike forced auctioneers to shift the venue of the cardamom auctions to Bodinayakanur in Tamil Nadu from Puttady in Idukki on Wednesday.

The quantity offered was just 46 tonnes and the market was up by Rs 50 per kg. Traders attributed the lower arrivals to the holding up of stock by planters, anticipating minimal buyer participation on account of the strike. In fact, local buying connected with the ensuing Pongal festival lifted prices, they said. North Indian buyers stayed away from the market, while exporters were also not active.

As it is the fag end of the season, arrivals are likely to decline. The next three months would be lean, and the fresh crop would arrive in May, traders said.

In the morning session, the auctioneers SpiceMore Trading Company offered 23.58 tonnes, while the sold quantity was 22.76 tonnes. There were 107 lots, in which the average price realisation was Rs 3,855.38 per kg. The maximum price received for a selective lot was Rs 4,200 per kg.

In the evening session, Sugandhagiri Spices Promoters and Traders offered 23.48 tonnes, and the quantity sold was 22.92 tonnes. There were 129 lots, which realised an average price of Rs 3,892.88 per kg. The maximum price quoted was Rs 4,156 per kg.

Trade analysts, Acumen Capital Markets, said the most active cardamom February futures fell by 4 per cent or Rs 163.10 to Rs 3,916.30 at close on Tuesday. The February futures have shown some corrections on the daily chart.

Published on January 08, 2020
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