Higher inventories in the consuming markets drag cardamom

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Small cardamom markets remained steady with marginal fluctuations at last week’s auctions held in Kerala and Tamil Nadu.

Arrivals stood at around 695 tonnes against 710 tonnes the previous week.

North Indian buyers stayed away from the declining market. Despite having three auction holidays this week, the market was sluggish, PC Punnoose, General Manager, CPMC, Kumily told BusinessLine.

Inventories in the consuming markets in the upcountry regions are full and hence no buying interest is emanating from those centres, he said. Exporters have also slowed down because of slack overseas demand and non-availability of exportable grade capsules. They have bought an estimated 30 to 40 tonnes, trade sources in Bodinayakannur said.

The individual auction average was vacillating between ₹500 and ₹540 a kg.

At the auction on Monday in Bodinayakannur by the Cardamom Planters’ Association, arrivals were at 50.8 tonnes against 40.3 tonnes last Monday and of this 48 tonnes were traded. The average fell to ₹481.77 a kg from ₹528.25 last Monday. Total arrivals during the season up to March 19 were at around 24,153 tonnes and sales were at 23,258 tonnes. The individual auction average as on March 19 stood at ₹600.36/kg.

Prices of graded varieties (₹/kg): 8mm bold good colour 860-925; 7-8 mm 670-700; 6-7 mm 550-600; below 6 mm: 500-525.

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