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Subdued demand seems to have prompted cardamom buyers to wait and watch. This is evident from the lower buyer participation, especially from upcountry markets in the auctions held at Bodinayakanur on Thursday.
Prices dropped by ₹50 drop across all categories. The virus threat is also a contributing to weak demand and there was only need-based buying, traders said. Exporters are also inactive in the market mainly because of cancellation of flights, traders said.
However, a change in weather pattern without any indication of summer showers in cardamom growing areas boosted sentiments. This is expected to raise prices, traders said.
The total quantity offered in the two trading sessions was 50.5 tonnes in which the average price realised was ₹2,644.
The auctioneers Sugandhagiri Spices Promoters and Traders offered 23.3 tonnes of 145 lots in which the average price realisation was ₹2,643. The highest price quoted for selected lots was ₹3,265. In the evening session, Spice More Trading Company, Kumily offered 27.2 tonnes of 142 lots which realised an average price of ₹2,644. The highest price quoted for selected lots was ₹3,415.
Trade analysts Acumen Capital Markets said cardamom April futures dropped by 1.62 per cent or ₹41 to ₹2,488 at close on Thursday.
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