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Cardamom prices witnessed a sudden price boom on Thursday at Bodinayakanur, registering an increase of Rs 200 per kg across all categories.
Traders attribute the upward price trend to increased online sales and futures market coupled with a rising pressure exerted by local buyers. Exporters and upcountry buyers were inactive in the market.
However, the Pongal festival mood seems to have dampened the spirits of auctions as the arrivals was only at 62 tonnes and traders are expecting similar trend to continue in the coming days. The holidays have kept most of the traders away from the market.
The market is going to witness lean months shortly, but buyers are expecting one more round of crop in the market till February following the final round of harvest in this season.
In the morning session, the auctioneers Sungandhagiri Spices Promoters and Traders offered 22.49 tonnes in 122 lots and the quantity sold was 21.82 tonnes. The average price realisation was Rs 3,919.41 per kg. Some selected lots realised an higher price tag of Rs 4,439 per kg.
In the afternoon trade, the offer made by SpiceMore Trading Company was 39.21 tonnes and the quantity sold was 37.78 tonnes. There were 191 lots and the average price realised was Rs 3,955.18 per kg. Some selected lots garnered a higher price tag of Rs 4,261 per kg.
Trade analysts Acumen Capital Markets said that the most active cardamom February futures gained by 1.44 per cent or Rs 54.60 to Rs 3,840 when last traded on Wednesday.
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