Last Updated : 17 October 2012 at 10:20 IST
India Cardamom: Trend steady in spot; Court to hear the auction case
Source :Commodity Online Editorial Desk
Author :Rakesh Neelakandan
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IDUKKI (Commodity Online): Idukki markets witnessed sales at the rate of Rs.700-750/kg for farm grade cardamom while MCX grade cardamom fetched prices at the rate of Rs.950/kg and 8 mm cardamom attracted prices at the rate of Rs.1000/kg.
The trend is steady in spot markets with rains drenching the growing areas. Export demand is relatively less even as festive demand is registering a good progressive spell.
The Spices Board Chairman invited many a stake-holder, especially traders to participate in a meeting Monday to find a solution to the tick price issue wherein tick price was raised from 50 paise to Rs.5 in auctions. The traders had found this unacceptable.
“During the meeting, Spices Board Chairman requested the trader community to come up with a figure between 50 paise and Rs.5. But the traders could not agree with the suggestion. Invariably, the discussions got derailed.” a Spices Board official said.
The Spices Board Chairman also held deliberations with farmer community as well. The Kerala High Court will hear the case again on Thursday.
“Cardamom November contract traded range bound yesterday. It made an intraday high of Rs.919.9 and did not break the resistance level of Rs.920 and closed at Rs.902.4. The stock of the commodity in the exchange warehouse has increased to 87.9 metric tons on 15th October against 82.9 metric tons in the previous week.
It may witness more selling pressure in coming sessions amid better global production. Good support and resistance are there at Rs.885 and Rs.920 respectively.” our in-house analyst said.
