New Delhi, February 23 (Commodities Control): Cardamom prices in a major market experienced a sharp decline due to the low-quality arrivals. Additionally, a lack of robust export demand has exerted further pressure on prices. This has resulted in prices dropping below Rs 1,000 per kg for the first time this season, reflecting the current subdued demand both domestically and in the export market. It's essential to monitor this price anomaly to assess whether it will persist at below-average levels or show signs of recovery in subsequent sessions.
In comparison to the previous session, the average price per kilogram plummeted from Rs 1,383-1,434 to Rs 930-1,425. Despite this decline, the maximum per kilogram price increased from Rs 1,752 to Rs 1,858. The average price has consistently remained below Rs 1,500 per kg, and this trend is anticipated to continue in the near future.
Reports suggest that grade-specific rates have maintained stability following a weak session. Prices for 7 mm grades range from Rs 1,480 to Rs 1,550 per kg, while grades 7-8 mm are priced between Rs 1,620 and Rs 1,700 per kg. Higher grades, measuring 8 mm and above, command prices in the range of Rs 1,950 to Rs 2,000 per kg.
Arrivals witnessed a decline to 105,060 kg from 124,930 kg in the previous session, reflecting extreme volatility over the last month. Despite lower prices, demand remained relatively strong, with the daily offtake rate rising to 96.7% from 95.6% in the previous session.
The Department of Commerce released import data for December, indicating a sharp rise in exports driven by increased demand from the Middle East. Import issues in the Red Sea contributed to heightened Indian demand. Exports for the month surged by 33.1% year on year, with higher imports reported from the UAE, Saudi Arabia, and Kuwait. However, total exports from April to December recorded a 38% decrease year on year. Imports, on the other hand, were reported to be 32% lower for the month.
(By CommoditiesControl Bureau; +91-9820130172)
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