Domestic cashew prices gain 5%

The cashew market last week remained quiet with some scattered activities in the US, Europe and some other markets.

Prices from India were for W240 at $4.80-4.85, W320 at $4.55-4.65 and W450 at around $4.45 per lb (fob).

Some Vietnam processors are reported to have sold W320 at around $4.45-4.50(fob). There was good demand for brokens with business for splits at $3.95-4.05 and pieces at $3.85-3.90(f.o.b). Most of the business was for shipments up to September-October. Some buyers were bidding few cents lower for the last quarter but processors from whom they want to buy were not willing to discount, the traders said.

The domestic market continued to move up with the prices going up by about 5 per cent last week from that of the previous week. Until last week, the buying was only for brokens. But this week, some business was done for wholes as well. The next few weeks will show whether the offtake will be the same as last year despite higher prices, Mr Pankaj N. Sampat, a Mumbai-based dealer, told Business Line .

RAW CASHEW STEADY

The raw cashew nut (RCN) market is steady. Most of the activity is in the re-sale market where good quality of parcels are being picked up at high prices. Unsold quantities in origin are limited and most of them are with very low yields.

Although total RCN availability from West Africa will be more or less unchanged from last year, the kernel yield will be 5-10 per cent lower due to very low yields from the main origin Ivory Coast (IVC) and slightly lower yields from Benin RCN. “Flow into India is lower than normal as larger quantities were taken by Vietnam, in addition to the 30,000-35,000 tonnes bought by Brazil,” he pointed out.

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