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Cardamom prices remained stable on Tuesday at Bodinayakanur because of more active participation.
According to traders, upcountry buyers are keenly assessing market sentiments even though they have not yet started procurement in a big way. Liquidation of some of the high-priced inventory also helped bring stability to the market.
Contrary to weather forecasts, plantations have not received any showers in the last few months. Small and marginal farmers are facing acute water shortage in the region, traders said.
Any rise in prices is likely to depend on the summer rains. Delay in summer showers and the intensity of the summer will drive up prices, traders said.
The total quantity offered in the auction was 43.5 tonnes, which recorded a combined average price of ₹2,745. In the morning session, Cardamom Growers Federation offered seven tonnes, in which 6.3 tonnes realised an average price of ₹2,720.68. The highest price quoted for selected lots was ₹3,276.
The offer made by KCPMC in the afternoon trading session was 36.5 tonnes, in which 35.9 tonnes realised an average price of ₹2,769.32. The highest price quoted for selected lots was ₹3.266.
According to trade analysts Acumen Capital Markets, the March futures fell by 3 per cent or ₹89 to ₹2,879.30 when last traded on Monday.
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