The Diwali holidays seem to have taken its toll on arrivals at the cardamom auctions that are scheduled to be held at the Spices Board e-auction centre at Bodinayakanur, in Tamil Nadu, on Monday.
The quantity on arrival was 8 tonnes at the auctions conducted by VGCPC, Vandanmedu in the morning. According to traders, Tamil farmers have gone to their native place and this has affected the harvesting and pooling in many plantations. Moreover, the hartal called by the United Democratic Front (UFD) in Idukki on Monday is likely to impact arrivals for tomorrow’s auction at Puttady.
The quantity on offer in Monday's afternoon auction was also low at 15 tonnes. The auctions will be conducted ITCPC Ltd.
Lackluster demand for pepper on Muhurat trade
The Muhurat trade for black pepper on Sunday evening witnessed a lackluster demand both from buyers and sellers. The total trading was only 11 tonnes for a price range between Rs295 to Rs300 per kg.
According to Kishore Shamji of Kishor Spices, normally hundreds of tonnes have been trading at India Pepper and Spices Trade Association (IPSTA) on Muhurat sale and the quantity on arrivals this year was very minimal. He attributed the hesitancy on the part of both buyers and sellers to sell at this lower price level as the reason for the poor show. The absence of North Indian demand also forced buyers not to buy from the domestic market, while sellers are holding back on anticipation of a further price recovery.
There were also reports that some importers from Kerala have imported 226 tonnes from Sri Lanka at an MIP of Rs500 per kg and selling it in the domestic market at Rs300 per kg.
The pepper trade on Monday morning will be delayed for two hours on account of the New Year poojas by the traders at the centre, he said.