Financial Daily from THE HINDU group of publications
Tuesday, May 27, 2003
Financial Daily from THE HINDU group of publications Tuesday, May 27, 2003 |
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Agri-Biz & Commodities
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Spices & Condiments Cardamom sellers putting off auctions on cash crunch G.K. Nair
KOCHI, May 26 AS the cardamom season comes to an end, auctioneers are reported to be postponing sales owing to liquidity problems barring one firm. Only MAS Enterprises had conducted the auction on May 23 in which 31 tonnes of cardamom were sold at a maximum price of Rs 691 and minimum of Rs 297. The average price was Rs 491.36 per kg that is around Rs 30 more than the previous auction on May 21 conducted by it. Major growers anticipating a drop in prices were liquidating their stock now, market sources told Business Line. There were no arrivals from growers as their crop had exhausted, they said. If growing areas receive intermittent showers, the next crop could be good and arrive early, they pointed out. They said auctioneers had to receive huge sums from traders who are yet to realise their dues from upcountry buyers. This has resulted in liquidity problems and, hence, they had decided to postpone the auctions. As per the Spices Board instructions, auctions have to be held throughout the year and hence auctioneers do not announce stoppage of sales and instead keep on postponing it every week, a Board official said. Because of the weak demand both from overseas and upcountry dealers, buying activities have become very poor. The prices of graded varieties were AGEB Rs 605-615, AGB Rs 420-430, AGS Rs 405-415 and AGS 1 Rs 380-390. During the current season, 3,901 tonnes have been sold through auctions at the weighted average price of Rs 564.17 per kg as against 3,099 tonnes at an average price of Rs 626.82 per kg during the last seaso. At least 3,500 tonnes have been sold through direct sales this season. The sales through auctions havw shown an increase of over 800 tonnes and, similarly, it is on the higher side through direct sales also.
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