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Cardamom auction market is witnessing a selling pressure, as growers are looking to book profits.
The total arrivals on Tuesday’s auction at the Spices Centre at Bodinayakanur was 116 tonnes. According to traders, more arrivals to the auctions will definitely put a pressure on buying in view of the recent upward trend in prices on the anticipation that the situation may lead to low arrivals in the coming months.
In the morning trade, the auctioneers Spice More Trading Company has offered 60 tonnes, while the quantity in the afternoon auction conducted by Sugandagiri Spices Promoters and Traders was 56 tonnes.
The traders pointed out that the morning auctions started at a low note even though the prices are ruling higher. The rising trend in prices has prompted growers to sell their stock.
The analysts Acumen Capital Markets Ltd said that cardamom December futures price is showing some recovery on daily chart.
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