Mumbai, March 27 (Commodities Control): The small cardamom market witnessed a notable decline in prices as arrivals surged, surpassing 1.0 lakh kg for the third consecutive session, signaling a persistent trend of ample supply. This downward movement in prices was primarily attributed to subdued demand at elevated price levels, coupled with an influx of increased arrivals in domestic markets.
Major cardamom markets experienced a significant drop in prices due to tepid demand amidst comparatively higher price levels. The upward pressure on prices exerted by increased arrivals further exacerbated the downward trend. Arrivals have notably exceeded 1.0 lakh kg for the third consecutive session, marking a significant uptick compared to the previous week's lows.
The average price per kilogram witnessed a decline from the range of Rs 1,423-1,427 in the preceding session to Rs 1,393-1,429. Despite a marginal increase in the maximum per kilogram price from Rs 1,930 to Rs 1,997, the average prices remained below the Rs 1,500 mark, after trading above Rs 1,500 for several sessions.
According to reports, grade-specific rates have shown stability amidst the overall price decline. Prices for 7 mm grades are reported to range between Rs 1,560 and Rs 1,650 per kg, while grades 7-8 mm are priced between Rs 1,700 and Rs 1,740 per kg. Higher grades measuring 8 mm and above are quoted between Rs 2,000 and Rs 2,140 per kg.
The surge in arrivals was significant, with volumes remaining above 1.0 lakh kg for the third consecutive session. However, arrivals did witness a slight decrease to 120,718 kg from 134,166 kg in the previous session. Despite this, the total offtake reported at 115,238 kg represented a decrease from 129,451 kg due to the impact of increased arrivals on market dynamics. Despite the recent price depreciation, demand remained robust, with a daily offtake reported at 95.5%.
(CommoditiesControl Bureau; +91-9820130172)
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