Kerala cardamom prices turn bullish
Cardamom prices are on the rise in the major markets in Kerala.
By TNN |
KOCHI: Cardamom prices are on the rise in the major markets in Kerala. The cardamom futures in MCX are also showing an increasing trend.
The cardamom auctions opened after Pongal holidays to a bullish trend this week. At the KPMC auctions in Kumily, the prices surged past Rs 300 per kg mark fuelled by low arrivals and aggressive buying. A total of 51 tonne came for auctions. Last week the price was averaging around Rs 293 per kg.
At CPMC auction on Wednesday, the average price touched Rs 347 per kg with arrivals at 52 tonne. According to market sources, the prices may rise further as there are reports of a drought in the coming months.
In the last couple of years, the summer rains had led to a continuous crop throughout the year. This year, however, the picking could start only in September instead of June-July in the absence of rains. This has come on top of the earlier prediction of 30 % shortfall in crop.
Apart from aggressive buying in the domestic market, the export orders are also gaining momentum contributing to rising prices, sources say. The auction prices are moving towards the Rs 400 mark. The February futures in MCX are hovering in the range of Rs 430 to Rs 440 per kg.
The cardamom auctions opened after Pongal holidays to a bullish trend this week. At the KPMC auctions in Kumily, the prices surged past Rs 300 per kg mark fuelled by low arrivals and aggressive buying. A total of 51 tonne came for auctions. Last week the price was averaging around Rs 293 per kg.
At CPMC auction on Wednesday, the average price touched Rs 347 per kg with arrivals at 52 tonne. According to market sources, the prices may rise further as there are reports of a drought in the coming months.
In the last couple of years, the summer rains had led to a continuous crop throughout the year. This year, however, the picking could start only in September instead of June-July in the absence of rains. This has come on top of the earlier prediction of 30 % shortfall in crop.
Apart from aggressive buying in the domestic market, the export orders are also gaining momentum contributing to rising prices, sources say. The auction prices are moving towards the Rs 400 mark. The February futures in MCX are hovering in the range of Rs 430 to Rs 440 per kg.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
