Commodities

Cardamom exporters stay off Gulf Food Festival

V Sajeev Kumar Kochi | Updated on February 17, 2020 Published on February 17, 2020

A lower production and absence of required quality seem to have prompted many cardamom exporters here to skip the ongoing Gulf Food Festival in the UAE.

Traders said an overall drop in production at the fag end of the current harvest season and the non-availability of quality capsules prompted them to stay off the overseas trade meet.

According to traders, higher prices limit the scope for exports. The availability of good quality capsules and price stability will encourage exports. However, both are missing now. Less than 10 per cent of production is exported now, compared with 15 to 20 per cent a few years ago. The restrictions imposed by Saudi Arabia on cardamom shipments have also impacted overseas trade in the last two years.

Market steady

Meanwhile, the cardamom market in Bodinayakanur remained steady on Monday with improved arrivals at 83 tonnes, thanks to active upcountry participation and local buyers’ support. The steady market indicates that buyers are ready to enter at the current rates, traders said.

The combined average price in the two trading session was ₹3,375.

In the morning session, the auctioneers Mas Enterprises Ltd offered 41.3 tonnes of 220 lots in which 38.6 tonnes realised an average price of ₹3,400.54. The highest price quoted for selected lots was ₹3,764.

The offer made by Header Systems India Ltd in the afternoon session was 42 tonnes of 220 lots in which 39.8 tonnes realised an average price of ₹3,349.75. The highest price quoted was ₹3,986.

Trade analysts Acumen Capital Markets Ltd said cardamom March futures fell by 1.02 per cent or ₹33.4 to ₹3,240 when last traded on Monday.

Published on February 17, 2020
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