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“If the rupee had been weak, it would have at least aided some exports. Currently, the markets are held together by festive season demand.” a trader sighed.

12 Oct 2012

IDUKKI(Commodity Online): Cardamom sales at Idukki 's Nedungandam witnessed sales at the rate of Rs.900/Kg for MCX grade cardamom; which has turned out to be rare quantity-wise and Rs.730-740/Kg for farm grade cardamom, Thursday.

The trend is bearish in spot markets even as rains have subsided, but rain clouds are looming.

“If the rupee had been weak, it would have at least aided some exports. Currently, the markets are held together by festive season demand.” a trader sighed. 

There are no updates regarding the case that has been filed in the Kerala High Court by traders in connection with the auction issue, a Spices Board official said. The farmer community represented by a prominent farmer-activist informed that the farmers stick to their stand of 'no auctions'.

“Cardamom November contract made a new low of Rs.886 in Thursday's session and exhibited a good recovery in last trading hours and closed at Rs.928.9. It is having good support and resistance at Rs.920 and Rs.955 levels respectively.” our in-house analyst noted.

“It may touch near to Rs.955 levels in the coming sessions. The major thing we have to consider is that, the increased global production may cap the prices around that level.” the analyst added.

New crop season has started in Guatemala and a bumper cardamom crop is expected there.

Total quantity to be produced is expected to reach 32 to 33 thousand tons, plus a carryover stock of at least 1,000 tons . Last season, Guatemala exported 29,000 tons of cardamom and around 1,000 tons were left in Guatemala in the hands of speculators.

If this carry over stock is added to Guatemalan production for this season, we can expect around 33 to 34 thousand tons from Guatemala this season.

Some areas in cultivation have been infested since a couple of years back by Thrips. A small insect that causes malformations on the cardamom pod.

Meanwhile, the commodity's November contract opened at Rs.931.9 on the MCX on Friday morning.


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