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Cardamom growers are pinning hopes on a renewed export demand as it would expect to pick up prices at auctions in Bodinayakanur on Tuesday.
The delay in the arrival of Guatemalan crop in the overseas market would benefit Indian cardamom, to achieve its due share in the export market and this would expect to perk up both demand and price, traders said.
This was evident in yesterday’s auction with Kuwait starting cardamom shipments, although, in a minor way. Traders believe that it is a positive sign, which would prompt other gulf markets to follow.
Meanwhile, the export demand coupled North Indian buying to replenish their stock post Diwali season, is likely to push up prices in the auctions.
The total quantity on offer was 102 tonnes. In the morning trade, the auctioneers SpiceMore Trading Company, Kumily offered 58 tonnes. In the evening session, the auctioneers Sugandhagiri Spices Promoters and Traders offered 44 tonnes.
According to trade analysts Acumen Capital Markets Ltd, the most active cardamom January futures rose by 3.5 per cent or Rs 109.2 when closed at Rs3149 per kg on Monday. Cardamom January futures price is showing bullish on the daily chart.
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