The Hindu Business Line : Cardamom prices remain steady

Prices of bold varieties were up by Rs 10 a kg at the auction held at Kumily on Wednesday. Some 25 tonnes were sold at the average price of around Rs 380 a kg.

Upcountry buyers were active while export buying was negligible, market sources told Business Line.

The prices of graded varieties were AGEB Rs 450-460, AGB Rs 330-340, AGS Rs 315-325 and AGS1 Rs 290-300.

The arrivals were of old stock and hence qualitatively inferior, the sources said. Therefore, exporters were not buying.

As the prices have shown some improvement, major growers were releasing their stocks, while small growers had already exhausted their crop, they added. Up to May 25, the total arrivals stood at 5,270 tonnes, of which 4,884 tonnes were sold. The weighted average price was Rs 362.56 a kg.

During the corresponding period last season, 3,901 tonnes were sold out of the total arrival of 4,341 tonnes and the weighted average price of Rs 564.17 a kg.

As the harvesting season has come to an end and the arrivals have become very thin, the auctioneers are planning to suspend the auctions till the commencement of the next season.

The Cardamom Processing and Marketing Company (CPMC), Kumily will be suspending auctions from June 16 to August 17 - the off-season period, said Mr P.C Punnoose, General Manager.

He added that the cash-carry system introduced by the CPMC for the first time during the current season has helped reduce cash loss, arrest speculative business and stopped over trading.''