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Spot Cardamom Weakens

14 Jul 2020 7:49 pm
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Mumbai (commodities control) - Spot Cardamom slipped lower by Rs 10 after prices rose in the previous session.

Vandanmettu auction centre reported arrivals of 61.3 tons, Out of which 61.2 tons were sold. The average price of cardamom here was quoted at Rs 1619.57/kg, while it touched the highest level of Rs 2226. Cardamom was quoted at Rs 1630.07 in the previous session. According to the traders, exporters are majorly buying in the markets, while domestic demand is weak due to the pandemic. Demand for Indian cardamom from Saudi is back due to resolution of usage of pesticides in the domestic produce. Sources reveal that since May 100 tonnes of cardamom has been exported to Saudi- single biggest buyer of Indian Cardamom. Although traders have confirmed some issues with the export shipments lately, to resolve which the Commerce Ministry has called for a meeting of joint working Group of India-Saudi Arabia on July 15th.

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