In spite of heavy pressure from sellers to clear their stock, cardamom market maintained steady and continue the price momentum on Tuesday auctions at the Spices Centre at Bodinayakanur.

This shows that the North Indian buyers and stockists was still active. The emerging scenario also witnessed a strong market situation despite higher arrivals, traders said.

The total quantity on offer both in morning and afternoon session was 117 tonnes (82.4 tonnes) with a combined average price of Rs 2,946.22 per kg.

According to traders, the stability in prices will depend on the likely arrivals in the days to come. The ruling higher prices in the recent period may allure farmers to sell their stocks.

However, hot and bright sunny days without any rains in the last 10 days always dictate the auctions with speculators and stockists. Drizzling rains and a medium temperature at 21 degrees will be ideal for productivity. Hot days normally affects fruit settings, they said.

In the morning session, the auctioneers Sugandhagiri Spices Promoters & Traders Pvt Ltd offered 60.3 tonnes of 314 lots in which 51.3 tonnes realised an average price of Rs 2,932.04 per kg. The highest price quoted for some select lots was Rs 3,200 per kg.

In the afternoon session, the auctioneers SpiceMore Trading Company, Kumily offered 56.8 tonnes of 281 Lots, which realised at an average price of Rs 2,960.4. Some selected lots were quoted highest price of Rs3218.

The analysts Acumen Capital Markets Ltd said the most active cardamom December futures gained by 0.45 per cent or Rs 12.9 when last traded at Rs 2,871 on Tuesday.

Related Topics
comment COMMENT NOW