The Hindu Business Line : Cardamom prices rule steady on buying support

CARDAMOM prices ruled steady on buying support at the auctions held in Kerala and Tamil Nadu during the week. However, the prices remained at lower levels due to heavy arrivals.

Up to November 9, arrivals stood at 3,344 tonnes and of which 3,121 tonnes were sold. Whereas, arrivals in the same period last season were 1,967 tonnes and t sales 1,848 tonnes. The weighted average price this season was Rs 232.09 a kg as against Rs 304.19 a kg last season.

Prices of the graded varieties were AGEB Rs 295-305, AGB Rs 220 - 230, AGS Rs 200 - 210 and AGS1 Rs 190 - 200 a kg.

However, at the auction in Kumily on Wednesday the average price was Rs 235.88. Compared with the previous days' the prices moved up by Rs 10 a kg for all the varieties at this auction. The 8 mm bold variety fetched Rs 420 - 430 a kg. According to Mr P.C. Punnoose, General Manager, Cardamom Processing and Marketing Company (CPMC), Kumily, demand from north Indian markets was good on heavy sales during the Diwali season.

North Indian buyers as well as exporters were active in other auctions also; but due to the heavy arrivals, the prices failed to move up, market sources in Bodinayakannur told Business Line. They said movement of cardamom consignments, held up due to disruption in traffic, has resumed.

Exports in October stood at 105 tonnes and during the current month, it is expected to be at the same level, they said.

The growing areas are receiving intermittent showers of north-east monsoon and thus the weather conditions continued to be favourable. This would lead to good late crop and significant increase in production, which is estimated at 13,000 tonnes as against the previous season's 11,000 tonnes.

The export demand during the current season failed to reach the expected levels so far due to availability of carryover stock of Guatemala cardamom in the major Gulf markets, export sources claimed. According to them Guatemala produce was reaching the Gulf markets from Singapore.

Though there are reports of crop damage in Guatemala this year due to hurricanes, its impact would be known only next year, they said. Add to this, the rock-bottom prices reported to have resulted in the farmers losing interest in the crop and current harvesting, they claimed.

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