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“The auctions would begin Wednesday or Thursday.” a trader informed. He said he sourced the information from Spices Board. But the particular information could not be verified independently as Spices Board..

13 Oct 2012

IDUKKI(Commodity Online): There is information doing rounds in Idukki that cardamom auctions suspended since September 24 may begin on Wednesday or Thursday.

“The auctions would begin Wednesday or Thursday.” a trader informed. He said he sourced the information from Spices Board. But the particular information could not be verified independently as Spices Board officials did not respond to inquiries in this regard.

The Kerala High Court considered the case regarding the re-establishing of auctions on Thursday and asked the planters and Spices Board to sit together and talk and arrive at a consensus. If a decision is not arrived at before Tuesday next week, the Court itself would proclaim an order in this regard.

Idukki witnessed sales at the rate of Rs.680-780/kg for farm grade cardamom even as 7mm cardamom or MCX cardamom was seen trading at Rs.900/kg. Cardamom variety of 8mm attracted Rs.1100/kg.

The trend has been bearish in spot markets, but may pick up later on, according to a trader.

Meanwhile a stake holder in the cardamom sector informed that farmers are yet to give out the stocks. “Perhaps only 40% of the stocks are getting sold in the open markets. The rest of the stocks are kept aside by farmers to be sold through auctions.” he said. But a farmer-activist consulted in this regard denied that farmers are withholding the stocks to be sold in the auctions. “They are holding it to sell at a time when prices would go further up.”

Idukki markets witness trade to the tune of 60-80 tons in cardamom on a daily basis; an average figure.

According to another stake holder in the cardamom industry, there has been sign of export demand and rupee appreciation is not promoting it. Festival demand is also on the upside.

“The stocks are not completely out into the markets, there is export demand and festive demand, yet the prices are not going up.” he lamented and explained, “it could be that demand signal may not be so strong. Guatemala cardamom is expected to give a bumper output. There could also be carryover stocks amongst traders.” he added.

Meanwhile, there are reports that former MP and Minister with Union Govt, PC Thomas of Kerala Congress (Thomas) will kick start the farmer protests by fasting on October 20, Saturday; a farmer representative informed.

“There is a lobby tie-up between traders from Tamil Nadu who are participating in the auction and Delhi and it should be resisted and curtailed by putting an end to auction system” he said.
The farmers want a cooperative to take care of cardamom affairs in the state, he presented.


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