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A speculative market in anticipation of lower arrivals lifted cardamom prices by ₹200 per kg in Bodinayakanur auctions on Tuesday.
The speculative buying with an exception of immediate receipt of overseas orders also resulted in the surge in prices. .
There was a renewed export demand in the market, as is evident from the orders received from Kuwait the other day. The overseas demand was basically because of the delay in the arrival of Guatemalan crop and this would benefit Indian cardamom to get a due share in the export market. The North Indian buying to replenish their stock post Diwali season also contributed to the upward trend in prices at the auctions, traders said.
The total arrivals in the both the sessions was 103 tonnes at a combined average price of ₹3,185 per kg.
In the morning session, the auctioneers Sugandhagiri Spices Promoters & Traders offered 44.1 tonnes of 217 lots, which realised an average price of ₹3,155.56 per kg. The highest average price quoted for select lots was ₹3,448 per kg.
In the evening trade, the auctioneers SpiceMore Trading Company, Kumily offered 59.9 tonnes of 264 lots which realised an average price of ₹3,214.49 per kg. The highest price quoted for selected lots was ₹3,452 per kg.
According to trade analysts Acumen Capital Markets Ltd, the most active cardamom January futures rose by 4 per cent or ₹125.90 when last traded at ₹3,274 per kg on Tuesday. Cardamom January futures price is showing bullish on the daily chart.
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