Mumbai, March 7, 2024 (Commoditiescontrol):Cardamom prices in major markets have fallen as a result of reduced export and domestic demand. Anticipated demand for Ramadan has largely been fulfilled, contributing to the drop in prices after a previous increase.
The average price per kilogram declined to Rs 1,340 - Rs 1,450 from a previous range of Rs 1,356 -Rs 1,413. Similarly, the maximum price per kilogram saw a drop from Rs 1,926 to Rs 2,265. Despite a brief trading upswing, average prices have persisted below the Rs 1,500 mark.
Grade-specific rates remain largely unchanged. Prices for 7 mm grades range between Rs 1,520 - Rs 1,600 per kg, grades 7-8 mm trade between Rs 1,650 - Rs 1,740 per kg, and grades 8 mm and higher fetch Rs 1,980 - Rs 2,050 per kg.
While arrivals saw a slight increase to 110,278 kg from 96,715 kg in the prior session, total offtake rose to 107,450 kg (up from 95,072 kg). Demand is considered good, with a robust daily offtake rate of 97.5%, exceeding the 95% mark.
Outlook: With Ramadan demand satisfied, downward pressure on cardamom prices is likely to continue in the short term unless export demand picks up.
(By Commoditiescontrol Bureau; +91-9820130172)
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