G.K. Nair

Kochi, Sept 24 Cardamom prices ruled steady at higher levels during the week at auctions held in Kerala and Tamil Nadu on good demand.

There was good demand from upcountry buyers who appear to have exhausted their inventory. Besides, the festival season is on.

The arrivals continued to be good as the picking is in full swing. The planters are not holding back their produce as the price are ruling high for the past several weeks, a major grower told Business Line.

Meanwhile, trading sources said the prices had touched the maximum levels and it was likely to decline after the festival period.

Arrivals on Tuesday at Bodinayakannur for the Heddar Systems’ auction in the morning stood at 19 tonnes and in the second auction in the afternoon of the South Indian Green Cardamom Growers Company (IGCC), they were at 48 tonnes. Almost all the quantity was sold out in both the auctions. Maximum price at the Heddar auction was the highest during the current season with Rs 1,000 a kg, a fancy price for 11 kg of green bold capsules of above 8mm size. Minimum was Rs 498 and the average price stood at Rs 625.23 a kg. Maximum price at the second auction was Rs 818, minimum Rs 475 and the average Rs 634.56 a kg.

At the Sunday auction of the KCPMC, Kumily 43 tonnes arrived and of which 42 tonnes were sold. The maximum price here was Rs 897 and minimum Rs 498 a kg. Average price was Rs 641 a kg. The market continued to remain stable and it is likely to continue till the end of October, Mr P.C. Punnoose, General Manager, CPMC, told Business Line.

He said there was not much export buying last week and till Monday as the dealers in Saudi Arabia and other Gulf countries said to have covered their requirements for the Ramzan. It is evident from the shipments of the commodity during August which stood at 30 tonnes valued at Rs 1.98 crore and despite a high unit value of Rs 660 a kg. Exports of Cardamom during April-August were at 175 tonnes valued at Rs 10.98 crore at an average unit value of Rs 627.71 a kg as against 165 tonnes worth Rs 6.33 crore at the unit value of Rs 382.80 kg in the same period last year.

According to him, unlike in the past even after the Diwali festival the demand is likely to persist as the upcountry dealers are said to be not holding any inventory because of the high prices through out the season this year.

The arrivals during the current season from August 01 last to September 22 stood at 1,319 tonnes, almost double the total arrivals in the same period last year of 678 tonnes. The sales also correspondingly shot up to 1,237 tonnes as against 640 tonnes. Weighted average price went up to Rs 605.51 as against Rs 406.93 the previous season. Picking continues to remain in full swing.

Prices of the graded varieties as on September 22 were AGEB Rs 695-705, AGB Rs 615-625, AGS Rs 585-595 and AGS 1 Rs 545-555 a kg. Prices in the open market at Bodinayakannur were AGEB Rs 680-690, AGB Rs 610-615, AGS Rs 565-570 and AGS 1 Rs 535-545. Bulk was fetching Rs 660-800 a kg.

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