A minimal export orders from gulf countries other than Saudi Arabia is likely to provide a positive trend in cardamom auction market on Wednesday at Bodinayakanur.

This coupled with the surging upcountry demand especially from North Indian buyers for re-stocking would expect to create the market strong and steady, traders said. This is the fag end of the current harvest season and there would be lower and inferior quality arrivals especially from January to April. The market is now witnessing an anticipatory purchase especially for quality cardamom to cover up the lean month period which would extend up to May, till the new crop arrives, traders said.

The market witnessed a speculative buying coupled with immediate receipt of overseas orders yesterday that lifted the prices by Rs200 per kg. The overseas demand was basically because of the delay in the arrival of Guatemalan crop, which would expect to benefit Indian cardamom to achieve a due share in the export market.

The total arrivals in the both the sessions was 86 tonnes. In the morning session, the auctioneers GreenHouse Cardaom offered 20 tonnes. In the evening trade, the offer made by South Indian Green Cardamom Company Ltd was 66 tonnes.

According to trade analysts Acumen Capital Markets Ltd, the most active cardamom January futures rose by 3.9 per cent or Rs122.90 when last traded at Rs3,271 per kg on Tuesday.

Cardamom January futures price is showing bullish on the daily chart.

 

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