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Sellers seem to be dominating the cardamom auctions market, as is evident from the arrival of 75 tonnes for a single day session on Wednesday, the highest in the current financial year.
Earlier, there were slight apprehensions in the market on possible price corrections due to consistent arrivals in the last couple of days. But the market has remained strong, especially on the availability of good quality.
According to traders, the market has witnessed an average price increase of Rs 50 per kg on a daily basis, on the back of strong demand from exporters, North Indian buyers and stockists in the entire trade circle, who have reacted positively to the recent developments.
Farmers are also in high spirits following the upward trend in prices. Traders pointed out that it was a dream come true for farmers when cardamom prices touched a three-month high of Rs 3,000.
The quantity on offer in the morning auction was 14 tonnes, which would be conducted at Spices Park in Bodinayakanur by GreenHouse, Puliyanmala. The quantity on offer in the afternoon trade is 75 tonnes, and the auctioneers are South Indian Green Cardamom Company Ltd.
The analysts, Acumen Capital Markets Ltd, said the cardamom December futures price has shown some recovery on the daily chart. The most active cardamom December futures gained by 1.51 per cent or Rs 43.3, after it closed at Rs 2,901.40 per kg on Tuesday.
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