Agri Business

Cardamom prices witness upward trend of Rs 100/kg

V Sajeev Kumar Kochi | Updated on November 04, 2019

Cardamom market was very strong on Monday. File Photo   -  The Hindu

Cardamom market was very strong on Monday with the average prices realising an upward trend of Rs 100 per kg in the auctions conducted at Spices Park at Puttady.

The market, according to traders, has been witnessing the rising price trend in the last few days on account of low arrivals, better buyer participation and quality arrivals. This positive trend is likely to continue and traders are expecting more buyer participation especially from upcountry markets, as the lean period on account of Diwali in North India was over.

Read more: Cardamom auctions: Low arrivals expected to lift prices

The dry weather in the main growing regions continue to support the bullish sentiments. Moreover the presence of renowned auctioneers on Monday is also evident in the realisation of higher average prices in the auctions.

In the morning auctions conducted by ITCPC Ltd, the entire quantity of 21 tonnes on offer got sold. The average price realised was Rs 2,672 per kg. There were 143 lots and a particular lot garnered a maximum price of Rs 2,902 per kg.

The average price realised in the afternoon auction conducted by VGCPC Ltd was Rs 2,694 per kg. Of the 17 tonnes arrived for auction, more than 16 tonnes got sold. There were 90 lots and a particular lot received a maximum price of Rs 2,780 per kg.

According to trade analysts, cardamom futures rose by Rs 75 on Monday at Rs 2,582 per kg.

Pepper prices surge by Re 1 per kg

The pepper trade in Kochi was up by Re 1 per kg, realising an average price of Rs 299 per kg for un-garbled varieties.

Kishore Shamji of the Kochi based Kishor Spices said that the quantity traded was 35 tonnes and of this majority was Sri Lankan pepper. Most of this imported pepper was traded at Rs 300-310 per kg, which is also available in the upcountry markets of Mumbai, Delhi, Jaipur and Chennai.

The trade on Monday was mostly to Tamil Nadu based inter-state dealers who have committed to become end users. Of the total 35 tonnes on offer, there were limited quantities from the plains.

As the concern of RCEP has started waning, there is a positive trend in the market. There was a fear in the market as RCEP would enable flow of Vietnam pepper in the market in bulk quantities, Shamji said.

Published on November 04, 2019

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