Mumbai, January 20 (CommoditiesControl): Small cardamom prices have fallen from five year high on increased supply. However, with the Ramadan demand expected to pick up, prices are expected to remain supported in the coming weeks.
The average price per kilogram today was reported to be between Rs 2,999 and 3,028, compared to Rs Rs 3,100 and 3,105 the day before. According to auction data, the highest price per kilogram was Rs 3,482, a decrease from the previous session's Rs 3,552.
Arrivals were above 1.0 lakh kgs for the last 8-10 sessions. The auction was claimed to have sold roughly 501 lots, up from 493 the day before. Arrivals were reported as 144,358 kg, up from 124,661 kg the previous day. As the auction volume were higher, offtake rose from 121,798 kgs to 139,188 kgs. Offtake is claimed to have decreased slightly, from 97.7% to 96.4%, indicating a strong demand, as it remained above 95%.
Grade-specific quotes were continued to remain constant. Grades measuring 7 mm are priced between 2,820 and 3,000 rupees per kilogram. Prices for grades 7-8 mm range from 3,160 to 3,200 rupees, while grades 8 mm and higher cost between 3,340 and 3,600 rupees.
Prices were reported lower in today's session, but we expect trend to continue in the short term given the higher arrivals. But good festive demand in the following days is likely to keep prices supported in the medium term.
