Heavy arrivals seem to have slightly worked against the bullish sentiment in the cardamom auction market on Wednesday, despite witnessing active participation of all categories of trade cycle.
According to traders, the market witnessed Rs50 per kg drop in almost all categories in the auctions due to heavy arrivals. Though the market remained steady from the start, it could not continue the momentum till the fag end of the trade. Traders are on apprehension that the market is witnessing a u-turn from the upward trend being observed in the last few days.
The market had even witnessed highest arrivals of 75 tonnes for a single day session in the current financial year when the auctioneers South Indian Green Cardamom Company Ltd offered this quantity in the afternoon auction held at Spices Park at Bodinayakanur. The average price realised was Rs 2,936 per kg, while selective lots garnered a price tag of Rs 3,155 per kg.
The quantity on offer in the morning auction conducted by GreenHouse, Puliyanmala was 18 tonnes and the average price realised was Rs 2,923 per kg. Selected lots received a maximum price of Rs 3,203 per kg.
It may be recalled that the sellers domination in the market in the last few days had made the market strong especially with the availability of good quality. There was active participation from exporters, North Indian buyers and stockists.
The analysts Acumen Capital Markets Ltd said the cardamom December futures price is showing some recovery on daily chart.