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A poor arrival has forced auctioneers to cancel the cardamom auctions in the afternoon session at Puttady, in Idukki district, on Thursday.
In the morning session, the auctioneers SpiceMore Trading Company offered 22 tonnes. The market is witnessing lower arrivals other than some few exceptions which are an indication of the end of the harvest season. However, traders believe that the surging arrivals are only to liquidate the holding stock at the next available opportunity.
The sentiments of rains have also affected the market in the last two days, bringing down the prices. Traders are now looking at price stability which would perk up demand further. Due to the price volatility, the market has been witnessing a slow movement. The declining prices also prompted exporters to enter the market, but majority are adopting a wait and watch.
Trade analysts Acumen Capital Markets said that the March futures fell by 3.8 per cent or Rs 104.5 to Rs 2583 when closed on Wednesday. The futures price is showing some weakness on the daily chart.
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