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Cardamom arrivals to auctions continue to be low, as planters are reported to be holding their stocks in view of declining prices.
According to traders, the quantity offered for auctions at Spices Park in Puttady on Thursday was only 52 tonnes and the market has been witnessing a declining trend in arrivals after Pongal holidays.
The market registered an upward trend on Wednesday because of quality arrivals and some traders are expecting a similar movement in prices. But many believe that a revival of the market can be expected only after Delhi polls, which is expected to perk up the upcountry demand in many North Indian markets. The cold weather is also a contributing factor for a slow demand, coupled with a cash shortage in many markets.
In the morning session, the auctioneers SpiceMore Trading Company offered 30.20 tonnes with 146 lots. In the afternoon trade, the auctioneers Sugandhagiri Spices Promoters and Traders has offered 22 tonnes in 118 lots.
Trade analysts Acumen Capital Markets said that the most active cardamom February futures gained by 2.21 per cent or ₹85.2 to ₹3,926.40 per kg when closed on Wednesday. The February futures price is showing a bullish trend on the daily chart.
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