Financial Daily from THE HINDU group of publications
Tuesday, Feb 18, 2003
Financial Daily from THE HINDU group of publications Tuesday, Feb 18, 2003 |
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Agri-Biz & Commodities
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Spices & Condiments Cardamom falls on good supply G.K. Nair
KOCHI, Feb. 17 CARDAMOM prices dropped by Rs 5-10 per kg on Monday on increased arrivals and limited buying at the major auction centres in Kerala and Tamil Nadu. Prices of different grades on Monday were AGEB Rs 680-690, AGB Rs 575-585, AGS Rs 555-565 and AGS 1 Rs 535-545. During the current season a total quantity of 2,654 tonnes at the average price of Rs 595.73 were sold through auctions as against 2,500 tonnes at the average price of Rs 605.73 per kg in the corresponding period last season, official sources told Business Line. Total arrivals at the auction centres during the current season up to February 13 stood at 3,000 tonnes as against 2,746 tonnes during the same period last season, they said. According to trading sources at Bodinayakannur, the price of medium bulk was Rs 500-520, floating bulk Rs 550-600 and second round crop (bold) Rs 600-630 per kg. Though there were buying by upcountry buyers and exporters there existed a disparity between demand and supply. Arrivals in recent days were good as many started liquidating their stock. But, still major growers and traders are holding a stock of around 1,400 tonnes now. Added to this ``financial market is tight,'' they said. As the prices had declined, exporters were active in the market. However, it is not to the level of last season due to increased availability of Guatemalan cardamom in the overseas market, especially in the Gulf. The traders alleged that large quantities of cardamom from Guatemala had also arrived in the North Indian markets via Bangladesh and Nepal. This has increased the availability in India weakening the demand in the domestic market. Meanwhile, there were showers in the growing areas last week and that might improve the late crop and in that case the supply would go up in the coming weeks pushing the prices down.
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