Financial Daily from THE HINDU group of publications
Friday, Nov 28, 2003
Financial Daily from THE HINDU group of publications Friday, Nov 28, 2003 |
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Agri-Biz & Commodities
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Spices & Condiments Cardamom falls on heavy arrivals G.K. Nair
Kochi , Nov. 27 HEAVY arrivals in the absence of a corresponding increase in demand have pushed up the prices of cardamom down at the major auction centres in Kerala and Tamil Nadu. During the past four days, arrivals at four major centres were 192 tonnes, of which 175 tonnes were sold. Though upcountry buyers and exporters were active in the market, they were buying only the quantity needed to meet their immediate commitments. Meanwhile, the liquidity problem with some of the traders persisted, as a result of which they were unable participate actively in trading, market sources in Bodinayakannur in Tamil Nadu and Kumily in Kerala told Business Line. No one was willing to keep any inventory because of the downward trend in prices. Also, the buyers hope that the prices would fall further. They expect that the crop arrivals would be better in the coming days due to the recent rains in the growing areas and the expected arrivals from Guatemala in the coming weeks. Prices of bulk varieties fell to Rs 300 from Rs 350 per kg. Among the graded varieties, AGEB fell to Rs 480 from Rs 490, AGB Rs 380 (Rs 400), AGS Rs 320 (Rs 325) and AGS 1 Rs 300 (Rs 310), the sources said. The drop in the prices of superior variety 8mm bold has restricted its arrivals in the market. The current arrivals also included last season's carry-over stock. However, unlike in the last season the prices had been steady at moderate levels. Total arrivals at the auction centres during the current season are 1,945 tonnes, of which 1,789 tonnes have been sold. The weighted average price is Rs 400.49. During the corresponding period last season, out of the total arrival of 1,565 tonnes, 1,418 tonnes were sold and the average price was Rs 652.27 per kg. As the current prices are competitive, there are export orders and the exports this month are estimated at around 70 tonnes.
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