Cashew-nut price reaches new high in global markets
Crisis in the industrial sector in Vietnam and Brazil, main competitors of India in the cashew-nut market has resulted in its price reaching a high of USD 3.60 per pound in global markets.
By PTI |
KOTTAYAM: Crisis in the industrial sector in Vietnam and Brazil, main competitors of India in the cashew-nut market has resulted in its price reaching a high of USD 3.60 per pound in global markets as against USD 1.90 per pound about six months back.
This has been the main reason for India, the biggest cashew producer in the world, getting a record price, Cashew Export Promotion Council Chairman, P Bharatan Pillai said.
India exports cashew-nut primarily to USA, Europe, Japan and Australia. Demand for Indian cashew-nut increased as both Vietnam and Brazil failed to meet orders for cashew-nut from other countries leading to a rise in its prices, he said.
Sellers involved in the futures market would have to supply the product at the price fixed earlier, while those sellers who stocked the commodity would get a better price.
Pillai said the impact of the price was less in the national market. The price for super quality cashew-nut in the national market ranges from Rs 500 to Rs 550.
Unseasonal rains from March-April 2008 affected the crop and the default on Vietnam's part in delivering the commodity also hit supply, he said, adding that business was quiet for the past couple of weeks.
This has been the main reason for India, the biggest cashew producer in the world, getting a record price, Cashew Export Promotion Council Chairman, P Bharatan Pillai said.
India exports cashew-nut primarily to USA, Europe, Japan and Australia. Demand for Indian cashew-nut increased as both Vietnam and Brazil failed to meet orders for cashew-nut from other countries leading to a rise in its prices, he said.
Sellers involved in the futures market would have to supply the product at the price fixed earlier, while those sellers who stocked the commodity would get a better price.
Pillai said the impact of the price was less in the national market. The price for super quality cashew-nut in the national market ranges from Rs 500 to Rs 550.
Unseasonal rains from March-April 2008 affected the crop and the default on Vietnam's part in delivering the commodity also hit supply, he said, adding that business was quiet for the past couple of weeks.
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