Pongal demand lifts cardamom prices

Pongal demand in Tamil Nadu, coupled with strong export orders, lifted cardamom prices by Rs 50 per kg, even as the auctions at the Spices Park in Bodinayakanur recorded the highest arrivals in this season at 166 tonnes.

According to traders, there was active participation from buyers across all categories on higher arrivals as they anticipate it may come down next week on account of Christmas holidays.

They also clarified that the current Citizenship Amendment Agitation (CAA) in several parts of the country has not affected the demand in the consuming markets there. It would take at least 15 to 20 days for the commodity to reach the destination after grading and stocking.

Traders are also pinning hopes on fresh export orders from gulf nations other than Saudi Arabia in the wake of a bleak outcome of the Indian delegation visit to the kingdom for revival of exports. The delay in the Guatemalan crop hitting the overseas market will help Indian cardamom to gain a significant share in the export market for the short term.

Prices up

The market had witnessed an upward trend in prices in the last three to four days because of a strong demand, realising an increase of Rs 400 per kg. But the prices cooled off since Thursday following some sentiments.

However, a strong and steady market revived the demand, lifting the prices by Rs 50 per kg across all categories, said traders.

In the morning session, the auctioneers Mas Enterprises Ltd offered more than 88.83 tonnes and the quantity sold was 79.77 tonnes. The average price realised was Rs 3,222.62 kg. Of the 344 lots, selected lots received a highest price tag of Rs3605 per kg.

In the second auctions, the offer made by the auctioneers Header Systems in the afternoon trade was 77.18 tonnes and the average price realised was Rs 3,270. Of the 298 lots, selected lots realised a maximum price of Rs 3,523 per kg.