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Pongal festival mood seems to have an impact on cardamom auctions at Bodinayakanur with arrivals witnessing a declining trend at 62 tonnes.
The majority of the stakeholders are staying away from the market in the last few days on account of the holidays and that is evident from the oscillating price trend in the festival season, registering upward and downward. It is evident in the average price realisation which stood at Rs 3675 on Tuesday auctions. The holiday mood in the market is likely to continue in the next couple of days, which would likely to affect the demand, traders said.
Exporters were also not active basically because of the higher average price realisation in the last few days. Though the lean months have started, buyers are expecting one more round of crop in the auction market till February 10 following the final round of harvest in this season, traders said.
In the morning session, the auctioneers Sungandhagiri Spices Promoters and Traders offered 22.49 tonnes in 122 lots. In the afternoon trade, the offer made by SpiceMore Trading Company was 39.21 tonnes.
According to trade analysts Acumen Capital Markets, the most active cardamom February futures gained by 1.44 per cent or Rs 54.60 to Rs 3840 when last traded on Wednesday.
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