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A bullish sentiment has lifted prices of cardamom on Wednesday, showing a positive momentum of Rs 50-70 per kg in auction average.
The market was strong and steady, witnessing an upward trend in spite of heavy arrivals. The total quantity on offer both in morning and evening session was 57.5 tonnes, one of the highest arrivals in the last fortnight at the Spices Park, Puttady.
There was active participation from Kerala traders to buy cardamom. As the season is getting its fag end, there was a concern on the availability of quality cardamom, says traders. The upcountry demand was moderate and it would take at least a week for the participation of North Indian buyers depending on their inventory level.
In the morning session, Green House Cardamom Marketing Company Ltd offered six million tonnes of 52 lots, which realised an average price of Rs 2,700.13 and the highest price quoted for some selected lots was Rs 2,774 per kg.
In the afternoon session, the auctioneer South India Green Cardamom Company Ltd offered 51.5 tonnes of 257 lots, which realised an average price of Rs 2,728.39 per kg. Some selected lots quoted the highest price of Rs 2,942 per kg.
Trade analysts Acumen Capital Markets pointed out that the November futures rose by Rs 53.10 to Rs 2,700 per kg on Wednesday.
Pepper market rules steady
Pepper market at Kochi was ruling steady on Wednesday, realising an average price of Rs 305 per kg for un-garbled varieties.
The arrivals was at a comfortable level at 20 tonnes and the demand was good. However, sellers are limited because they are expecting that prices would go up, said Kishore Shamji of Kishor Spices.
Majority of the quantity traded today was Sri Lankan pepper. The garbled MG 1 variety fetched a price tag of Rs325 per kg.
Pepper November futures rose by Rs 8.55 to Rs 319 per kg (Rs310.45) on Wednesday.
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