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Small cardamom prices after shooting up by ₹300 a kg within a month on supply concerns have slipped by ₹50 at auctions held in Kerala and Tamil Nadu last week.
Major buyers have slowed down as the prices crossed ₹1,000 a kg and that, in turn, has led to the slip in prices, trade sources said.
For the first time after 2010-11, the individual auction average crossed ₹1,000 a kg at four auctions last week. Delay in harvesting and sharp fall in the current crop are attributed to the price rise.
“The current decline might be a temporary phenomenon and it can be viewed as a market correction,” PC Punnoose, General Manager, CPMC, told BusinessLine .
At today’s auction in Bodinayakannur conducted by the Cardamom Planters’ Association, 24.4 tonnes arrived and of this 20.3 tonnes were traded. Maximum price stood at ₹1,147 a kg and the auction average was at ₹928.28.
Good colour 8mm bold was fetching ₹1,450 a kg, trade sources claimed. Good colour bulk from the new crop was being traded at ₹950-1,000, they said.
Total arrivals last week at auctions were at 424 tonnes.
Total arrivals during the season up to August 13 were at around 35,156.66 tonnes and sales were at 33,956.73 tonnes.
The individual auction average for the season as on August 20 stood at around ₹654 a kg.
Prices in ₹/kg: 8mm bold good colour 1,400-50; 7-8 mm 1,000-1,100; 6-7 mm 900-950 and below 6 mm: 800-870.
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