Mumbai, May 21 (Commodities Control): Small cardamom prices witnessed a significant rebound in major markets, soaring above the Rs 2,000 per kg mark. This surge was primarily attributed to robust demand prevailing in the market, despite a notable increase in arrivals.
According to local sources closely monitoring the spice trade, the heightened demand acted as a catalyst for price hikes, outweighing the impact of increased arrivals. The average price for small cardamom stood between Rs 1,852 and Rs 1,965 per kg, marking a notable ascent from the previous session.
This surge saw the highest reported price per kg at Rs 2,821, albeit slightly lower than the preceding session's Rs 2,853. However, the price trend indicated a bullish sentiment prevailing among traders and buyers alike.
As prices staged a remarkable recovery, arrivals surged past the 1.0 lakh kg mark, underlining the market's resilience. The total arrivals tallied at an impressive 103,502 kg, a notable escalation from the previous session's 67,418 kg. Correspondingly, offtake, reflecting the quantity sold from the market, surged to 102,233 kg, a substantial leap from the previous session's 65,572 kg. The offtake rate mirrored this uptrend, reaching 98.8%, indicative of heightened demand and a favorable market sentiment.
Despite the overall surge in prices, grade-specific rates remained largely stable following a preceding weak session. The price ranges for various grades were reported as follows: Rs 1,720 to Rs 1,780 per kg for 7 mm grades, Rs 1,900 to Rs 1,980 per kg for grades spanning 7-8 mm, and Rs 2,120 to Rs 2,250 per kg for grades measuring 8 mm and above.
(By CommoditiesControl Bureau: +91-9820130172)
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