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A drop in arrival seem to have lifted prices in cardamom market by Rs.100 per kg in all categories at Bodinayakanur auctions on Friday.
According to traders, the market reported a 30 per cent drop in arrivals. This coupled with favourable climatic conditions, booming online sales are other contributing factors for the upward price trend.
The market remained strong, thanks to active participation from all stakeholders including domestic, upcountry buyers and exporters. The upward trend is expected to continue in the coming days as well, traders said.
The market witnessed heavy arrivals last week in the wake of higher price realisation. This trend has now changed as majority of the traders had already liquidated their stock.
The total quantity offered in two sessions was 102 tonnes. The auctioneers Mas Enterprises Ltd offered 45 tonnes and the average price realised was Rs.2,896.70 per kg. Out of the 230 lots, selected lots realised a higher price of Rs.3,243 per kg. The second auctioneer Header Systems Pvt Ltd offered 57 tonnes and the average price realised was Rs.2,923.74 per kg. There were 258 lots and selected lots garnered Rs.3,210 per kg.
Trade analysts Acumen Capital Markets said that the most active cardamom December futures rose 3.1 per cent or Rs.91.36 when closed at Rs.3,006.70 per kg. The December futures price is showing some recovery in daily chart.
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