Kochi, Nov. 19:The cardamom market gained last week on good buying support from both exporters and upcountry buyers at auctions held in Kerala and Tamil Nadu.

 

An estimated 35 tonnes of cardamom were bought by exporters. North Indian dealers and stockists were also active by covering good quantities.

 

Boycott of auctions for over a month recently during the purchasing period for Diwali by the traders in protest against raising of the minimum bidding rates appears to have exhausted the stocks held by upcountry stockists/dealers/traders, etc. This phenomenon, the trade attributed as the reason for the revival in demand from north Indian states and that has reflected on the market last week, market sources in Kumily and Bodinayakannur told Business Line.

Bullish sentiment

 

Arrivals also were good. But, of course, nearly 60 per cent of what came at this time of the last season. Last year, it was a bumper crop.

 

Besides unfavourable weather conditions – the current dry spell following deficient rains during the south-west and north-east monsoon have also created a bullish sentiment in the market. All those in the trade are apprehensive of a sharp fall in the output this year, they said.

 

At the Sunday auction conducted by the KCPMC, total arrivals stood at 76.7 tonnes and the entire quantity was sold out. The maximum price was at Rs 1,019 a kg. Auction average price increased to Rs 778.74 from around Rs 750 the previous Sunday, P.C. Punnoose, General Manager, CPMC, said. Good quality material arrived yesterday and hence the bulk fetched Rs 750 a kg, he said. Moderate quantity of 8mm bold green capsules also arrived and it was sold at Rs 1,000 a kg, he said.

Arrivals

 

Total arrivals and sales during the current season from Aug 1 to Nov 18 were at 3,624 tonnes and 3,418 tonnes respectively. Where as in the corresponding period last year they were at 6,987 tonnes and 6,592 tonnes respectively, official sources said.