Cardamom prices low despite prod shortfall
The cardamom prices are showing a low but a firm trend in the auctions despite reports of 30 % shortfall in production this year.
By TNN |
KOCHI: The cardamom prices are showing a low but a firm trend in the auctions despite reports of 30 % shortfall in production this year. The cardamom futures prices in MCX, however, are showing a high trend.
The average price of the cardamom at the auctions in Kumily was Rs 295 per kg. ``The prices have been hovering in the range of Rs 280 to Rs 300 per kg for about last three weeks,’’ says P.C.Punnoose, general manager of Kerala Cardamom Processing and Marketing Company Ltd., which conducts auctions.
He said the prices had dropped from a level of Rs 400 per kg couple of months ago to the present level following strong sentiments of a crop shortfall. The prices, however, are higher than the level at the same time last year when it ruled around Rs 220 per kg.
Mr Punnoose said it is difficult to predict the prices in the coming days with the ongoing Sabarimala season and increase in arrivals during December. The cardamom auctions are spread over seven centres in Kerala and Tamil Nadu.
The cardamom futures, however, are showing a higher trend in MCX, an indication perhaps that prices may rise in the coming months. On Wednesday, December futures ruled at Rs 353 per kg while the March futures stood at Rs 427 per kg.
The cardamom production in the country estimated by Spices Board last year was 12,540 tonnes, of which domestic production accounts for over 11,000 tonnes. This year though the production is expected to be down by 30 %, there have been increased export enquiries in the global market as the harvest from the major producer Guatemala is facing quality problems, market sources said.
The average price of the cardamom at the auctions in Kumily was Rs 295 per kg. ``The prices have been hovering in the range of Rs 280 to Rs 300 per kg for about last three weeks,’’ says P.C.Punnoose, general manager of Kerala Cardamom Processing and Marketing Company Ltd., which conducts auctions.
He said the prices had dropped from a level of Rs 400 per kg couple of months ago to the present level following strong sentiments of a crop shortfall. The prices, however, are higher than the level at the same time last year when it ruled around Rs 220 per kg.
Mr Punnoose said it is difficult to predict the prices in the coming days with the ongoing Sabarimala season and increase in arrivals during December. The cardamom auctions are spread over seven centres in Kerala and Tamil Nadu.
The cardamom futures, however, are showing a higher trend in MCX, an indication perhaps that prices may rise in the coming months. On Wednesday, December futures ruled at Rs 353 per kg while the March futures stood at Rs 427 per kg.
The cardamom production in the country estimated by Spices Board last year was 12,540 tonnes, of which domestic production accounts for over 11,000 tonnes. This year though the production is expected to be down by 30 %, there have been increased export enquiries in the global market as the harvest from the major producer Guatemala is facing quality problems, market sources said.
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