Mumbai, 04 Oct 2024 (Commoditiescontrol):Cardamom prices strengthened today amid robust demand, despite a dip in arrivals compared to recent sessions. Arrivals exceeded 1 lakh kg but fell short of the 1.5 lakh kg recorded earlier. Strong demand tempered the decline in prices, as supply pressures from lower yields continue to impact the market.
Auction data showed average prices per kilogram ranged between ₹2,265 and ₹2,319, up from ₹2,232-2,300 in the previous session. The highest price per kilogram increased to ₹3,052, compared to ₹3,035 in the last session.
Total arrivals dropped to 118,572 kg, down from 153,977 kg in the previous session, as auctions were held in smaller centers. Offtake also declined to 112,014 kg from 143,429 kg, reflecting the lower auction volume. Despite the reduced volumes, offtake as a percentage of arrivals rose to 94.5%, up from 93.1%, signaling strong market demand.
Grade-specific rates remained stable, with bulk grades trading within consistent ranges. Prices for 7 mm grades ranged from ₹2,200 to ₹2,280 per kg, 7-8 mm grades from ₹2,420 to ₹2,550, and grades above 8 mm from ₹2,680 to ₹2,820 per kg.
India's cardamom crop is under pressure, with early indications pointing to lower yields due to heavy rains and flooding during crucial growth stages. Guatemala, another key global supplier, is also facing significant yield reductions caused by drought and extreme heat. With Guatemala’s crop expected to remain smaller, global buyers may turn to India to fill the supply gap, potentially keeping prices elevated.
While more arrivals are anticipated as the harvest progresses, providing some price stability, the smaller Guatemalan crop and rising export demand are expected to sustain price strength in domestic markets.
(By Commoditiescontrol Bureau; +91-9820130172)
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