The Hindu Business Line : Cardamom prices remain steady

CARDAMOM market is steady with the buyers, both domestic and export, being active. Arrivals have picked up and, as a result, the prices have remained at lower levels.

Unlike last season auctions are on uninterrupted at least in two centres — Vandanmedu and Kumily. Auctions were held on four days last week and it is expected to be for five days this week.

According to sources, liquidity problems are pointed out to be the reason for such stoppages now and in the past weeks.

However, the Spices Board sources said it wanted the auctions to be conducted without break through out the year.

Last season, auctions came to an end on April 30 for want of sufficient arrivals. This year, it seems, the auctions may continue through to next season owing to the consistency in arrivals.

The growing areas are receiving intermittent showers and that would lead to a continuous crop this year. The situation appears to have compelled those growers and traders holding stocks to liquidate apprehending a further fall in prices, trading sources told Business Line.

As the prices remained at low and competitive levels with that of Guatemalan cardamom markets abroad, there is demand from overseas buyers. Last month, about 32 tonnes were exported and it is expected to be 35 tonnes this month as enquiries were pouring in of late, official sources said. From the upcountry also there is demand of late albeit not for large quantity, they said.

The prices of graded varieties were AGEB Rs 575 to Rs 585, AGB Rs 550 to Rs 560, AGS Rs 430 to Rs 440 and AGS 1 Rs 400 to Rs 410 per kg.

During the current season, a total quantity of 3,671 tonnes were sold through auctions with a weighted average price of Rs 570.91 per kg as against 3,100 tonnes at the average price of Rs 626.82 per kg last season up to April 30. Sales through auctions this season had gone up by 571 tonnes, partly responsible for the drop in prices, they said.

Meanwhile, in the open market, bulk was sold at Rs 400 a kg, floating bulk at Rs 450 to Rs 460. 7mm bold is available at Rs 600 per kg, sources said.

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