Cashew market remained quiet last week with limited activities but prices were steady, by and large.

Even the few processors who sold few cents lower last week were asking for more this week, trade sources said. This week, some business was done for W240 from $4.85 to $4.90 and W320 from $4.50 to $4.60 a pound (fob).

Nominal levels for other grades were W450 and SW320 at around $4.50, SW360 at around $4.40, Splits and Butts from $4.00 to $4.10, Pieces from $3.85 to $3.95 a pound (fob).

Indian domestic market also stayed dull. However, most processors seemed ready to wait as there was not much material available for immediate delivery. They expect demand from wholesalers to start in two to three weeks depending on the retailers offtake from wholesalers who have built up some inventory during July.

September will be a low-production month in Kerala, the major cashew-processing State.

Raw cashew nut (RCN market) is steady, with Ivory Coast and Ghana trading in the range of $1,275 to $1,400 a tonne and Guinea Bissau being offered at around $1,700 a tonne. As the kernel market is quiet, there is not much interest in RCN.

There is no adverse news about the upcoming Southern crops. So “we can expect normal crops. As usual, there are reports of trades for early shipments from Indonesia at high prices.

In Mozambique and Tanzania, apart from the usual hassles of Government policies and rules and resultant delays, the trade will have to contend with the strong appreciation of the local currency versus the dollar,” Mr Pankaj N. Sampat, a Mumbai-based dealer told Business Line.

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