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Good export demand kept the cardamom market steady last week in Kerala and Tamil Nadu. Upcountry buyers were buying but not aggressively.
Exporters were said to have bought an estimated 100 tonnes of exportable variety cardamom last week. Availability of exportable grade capsule of 7mm and above was comparatively thin, market sources told Business Line .
According to them, around 20 per cent of arrivals consisted of low variety capsules of 5.5mm and below. They attributed this phenomenon for the drop in the average price. They said good bulk of bold green cardamom was fetching ₹680 a kg. Good capsules of 7mm and above were fetching ₹750 and above while 8mm bold was traded at ₹850-875, they said. Non-availability of good quality material from Guatemala is the reason for the export demand.
According to the trade, next crop in Guatemala is reported to be lower. Other grades that arrived in the market were bought by upcountry dealers in view of the lean season ahead. Some of the main cardamom growing tracts have not so far received the pre-summer showers.
Individual auction average has slipped to below ₹700 a kg last week, mainly because of the presence of small size cardamom in lots, trade sources said. Harvesting of the current season is over. No material comes from the estates now and whatever capsules arrive, currently, is from the stocks held by growers and primary market dealers, trade sources in Kumily said.
During the current season to July 1, arrivals stood at 16,152 tonnes against 9,207 tonnes during the last season. Sales were at 15,732 tonnes against 8,729 tonnes. The weighted average price as on March 9stood at ₹605.36 ( ₹762.14). At the Sunday auction, arrivals increased to 98 tonnes from 88 tonnes the previous Sunday. Almost the entire quantity was sold. The maximum price was ₹947 and the minimum ₹369 a kg. The auction average slipped to ₹687.72 from ₹694 a kg the previous Sunday, PC Punnoose, General Manager, CPMC, said.
Prices of all graded varieties (₹/kg): AGEB 865-875; AGB 705-715; AGS 675-685 and AGS -1: 645-655.
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