Last Updated : 16 October 2012 at 10:20 IST
India Cardamom: Trend steady in spot markets; auctions to resume
Source :Commodity Online Editorial Desk
Author :Rakesh Neelakandan
“The production for the current season is estimated at 15000 tons. Another 4000 tons could be here as carryover stocks from last season. Overall, we expect 17000-19000 tons in cardamom output this year.” a trader said.
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IDUKKI (Commodity Online): India cardamom witnessed a steady trend in spot markets on Monday even as rainy season looms large on prospects of price appreciation. Rains are good for cardamom and enhance yields. Meanwhile, a Spices Board official said that auctions in cardamom would likely resume on Wednesday or Thursday.
South India's Idukki witnessed sales at the rate of Rs.700-750/kg for farm grade cardamom on Monday in spot markets. MCX grade cardamom or 7mm cardamom witnessed sales at the rate of Rs.900-950/kg even as 8mm high quality cardamom was seen trading at the rate of Rs.1050/Kg.
The trend is steady in spot markets; there have been rains for the past one week and if the rains continue, the output could enhance.
“The production for the current season is estimated at 15000 tons. Another 4000 tons could be here as carryover stocks from last season. Overall, we expect 17000-19000 tons in cardamom output this year.” a trader said.
Export demand exists in the market even as the festive demand for Deepavali, Pooja and Bakrid continue to lend support to the markets, he added.
Auction issue
The Kerala High Court will hear the case filed with regard auction issue today. Yesterday the Chairman of Spices Board invited representatives of various trade unions, ten to twelve of them, to seek their opinions separately, an official said.
The auctions would begin Wednesday or Thursday, the official added.
The High Court had asked various stake-holders to sit together and talk and arrive at a consensus regarding the re-establishing of auctions.
Export share
Middle East accounts for 90% of India's cardamom exports. Of the total exports, about 2% is shipped to Japan, 1% to Europe and 5-6% to other destinations, a trader said. “ Since we use more-than-enough pesticides, the Japanese do not take in much of our production.” he added.
On the MCX futures, Cardamom for November delivery opened on a firm note at Rs.909.90."It is having a good support at Rs. 885 and immediate resistance at Rs.920.” our in-house analyst said.
