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Cardamom Prices Slide on Lower Export Demand

22 Feb 2024 9:15 pm
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Mumbai, February 22 (CommoditiesControl): Cardamom prices in major markets have experienced a decline of Rs 10 per kg, primarily attributed to lower export demand. The anticipation of reduced demand during Ramadan has led to a drop in export inquiries. This downturn has resulted in prices falling below Rs 1,400 per kg for the first time this season, with both domestic and export demand currently reported to be low.

In comparison to the previous session, the average price per kilogram decreased from Rs 1,374-1,441 to Rs 1,383-1,434. The maximum per kilogram price dropped from Rs 1,767 to Rs 1,752. Average prices have consistently remained below Rs 1,500 per kg, and this trend is expected to persist.

Grade-specific rates have remained stable following a weak session, with prices for 7 mm grades ranging from Rs 1,480 to Rs 1,550 per kg, Rs 1,620 to Rs 1,700 per kg for grades 7-8 mm, and Rs 1,950 to Rs 2,000 per kg for grades 8 mm and higher.

Arrivals experienced an increase from 94,502 kg to 124,930 kg in the previous session. While arrivals have exhibited volatility over the past month, the total offtake rose to 119,454 kg, compared to 90,030 kg in the preceding session. Due to robust demand, the daily offtake rate was reported at 95.6%, slightly higher than the 95.2% recorded in the previous session.

In parallel, the Department of Commerce has released import data for December. Exports witnessed a significant year-on-year upswing due to heightened demand from the Middle East, spurred by logistic issues in the Red Sea that increased demand from India. Despite exports for the month being reported at 1,042 MT, marking a 33.1% YoY increase, total exports from April to December were reported at 4,460 MT, down 38% YoY. Import figures for the month were 32% lower.

Simultaneously, large cardamom prices in major East and North East markets displayed mixed trends. While Chotadana prices rose by Rs 25 per kg, Badadana prices fell by the same amount from the previous auction. Chotadana prices were reported to be between Rs 1,050 and Rs 1,250 per kg, while Badadana prices ranged from Rs 1,250 to Rs 1,438 per kg.

(By CommoditiesControl Bureau; +91-9820130172)

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