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Small Cardamom Prices Ease Slightly; Ramadan Demand to Offer Support

24 Jan 2025 6:37 pm
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Mumbai, 24 Jan (Commoditiescontrol):Small cardamom prices declined marginally today due to subdued demand, despite Vandamettu being operational. Total arrivals in the second session fell short of one lakh kilograms. However, with Ramadan demand expected to strengthen, prices are likely to remain stable in the coming weeks.

The average price per kilogram ranged between ₹3,004 and ₹3,035, slightly lower than ₹3,023 to ₹3,059 recorded in the previous session. The highest price per kilogram reached ₹3,449, marking an increase from ₹3,302 in the prior session.

Auction Update and Market Activity

Arrivals rose to 91,768 kg from 87,080 kg the day before, while offtake increased to 91,425 kg, pushing the offtake percentage to 99.3% from 95.3%. The number of lots sold climbed to 365, compared to 334 in the previous session.

Grade-specific prices remained steady, with 7 mm grades quoted between ₹2,820 and ₹3,000 per kilogram. Prices for 7-8 mm grades ranged from ₹3,160 to ₹3,200, while grades above 8 mm fetched between ₹3,340 and ₹3,600 per kilogram.

Despite today’s price correction, the market anticipates support from Ramadan-driven demand, particularly from the Middle East and North Africa (MENA) region, sustaining price stability in the medium term.

Large Cardamom Market Update

In the North East, large cardamom prices displayed mixed trends. Higher-end prices dropped by ₹12-25 per kilogram, while lower-end prices gained ₹25 per kilogram. Badadana was priced between ₹1,700 and ₹1,875 per kilogram, and Chotadana ranged from ₹1,550 to ₹1,675 per kilogram. Limited availability continues to underpin higher prices.

EXIM Data Highlights

Ministry of Commerce data for November revealed a 31% year-on-year (y/y) and 68% month-on-month (m/m) rise in imports to 845 tons, attributed to stronger buying activity. However, January-November imports declined by 53% y/y to 5,000 tons, largely due to reduced supplies from Nepal. Exports surged 58% y/y, driven by strong demand from the Middle East, though they fell 20% m/m.

Outlook

The short-term outlook remains positive, with Ramadan demand expected to counterbalance any supply pressures. Strong export demand and sustained offtake are likely to support prices in the medium term.


       
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