Agri Business

Exporters demand keep cardamom strong and steady

V Sajeev Kumar Kochi | Updated on November 28, 2019 Published on November 28, 2019

File photo   -  BUSINESS LINE

Cardamom market on Thursday was strong and steady, thanks to active demand from exporters in gulf countries.

The gulf markets mainly depends on Guatemalan cardamom varieties. But the exhaustion of stock following the end of the season in Guatemala has forced overseas buyers to look at Indian variety to meet their requirements. This buying trend is expected to continue till December when the new Guatemalan crop hit the market in January, traders said.

However, North Indian buyers dominated the market with their active involvement, which is an indication that the upcountry demand is still continuing. The quality of cardamom available at the auctions was also superior that helped to receive higher average price realisation and active dealer participation, traders said.

Traders express the hope that the favourable climate in the growing regions with misty morning and drizzling rains would be supportive for the vegetative growth, which in turn, favour the next crop season.

The total quantity on offer in both the sessions at Bodinayakanur on was 86 tonnes and realised a combined average price of R2912.72 per kg.

The auctioneers Cardamom Planters Marketing Cooperative Society offered 66 tonnes of 280 lots and realised an average price of Rs2923.89 per kg. The highest price quoted of selected lots was Rs3186 per kg. In the afternoon session, the auctioneers Cardamom Planters Association, Santhanpara offered 20 tonnes which received an average price of Rs2901.56 per kg. The highest bid for selected lots was Rs3108.

Trade Analysts Acumen Capital Markets Ltd said that the most active cardamom December futures gained by 1.1 per cent when last traded at Rs2880.10 on Thursday.

Published on November 28, 2019
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