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MUMBAI, April 9

FOR several weeks now, the cashew market has been listless. Activities as assessment of crop here and prospects of raw cashew supplies from abroad, especially Africa, are engaging the attention of players.

Benchmark grade W320 continues to rule in a narrow range of $1.70-1.75 per pound free-on-board. However, in the last couple of weeks, prices for some grades as W180 ($3.10-3.20) and W210 ($2.55-2.65) have moved up by a few cents due to limited availability.

There is not much interest from kernel buyers for forward position at higher prices; they have some cover for the next six months and are looking for opportunities to buy at lower levels. Otherwise, they seem to be comfortable buying on ``when needed'' basis, according to Mr Pankaj Sampat of Samsons Trading Co, a trade intermediary.

Raw cashew prices in all origins continue to be high at around $575-600 a tonne in Vietnam, $625-650 a tonne in India and $500-550 a tonne in West Africa. Although processors are buying some quantity to keep factories running to fulfil earlier kernel sales, not many are keen to buy at current prices that are at 10-15 per cent disparity, Mr Sampat pointed out. Shipments from Benin and Nigeria have reportedly started with small quantities shipped from Ivory Coast also. If there is no dramatic change in raw cashew supply, steady kernel prices in a narrow range can be expected. On the other hand, because of limited forward sales/purchase, occasional delays and disturbances to shipment can cause some price spike.

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