Mumbai, February 28 (Commodities Control): Cardamom prices experienced a further uptick in major markets, attributed to a surge in export demand and a decline in arrivals. The market reports indicate that the demand for cardamom has remained consistently strong over the past two trading sessions, contributing to a slight but noticeable escalation in prices.
Furthermore, the diminishing arrivals over the last 2-3 sessions have provided additional support to the upward trend of prices.
Comparing the current market scenario with the previous session, the average price per kilogram witnessed a notable increase, rising from the range of Rs 1,384-1,500 to Rs 1,473-1,566. The maximum price per kilogram also experienced an upward revision, climbing from Rs 2,040 to Rs 2,125. This marks a significant shift as the average price has managed to surpass the Rs 1,500 per kg threshold after persistently remaining below it for 7-8 sessions, primarily due to heightened demand.
Reports suggest that grade-specific rates have seen an increase of Rs 30-50 per kg, propelled by a surge in bulk prices. Notably, prices for 7 mm grades are now ranging between Rs 1,520 and Rs 1,600 per kg, grades 7-8 mm are priced between Rs 1,650 and Rs 1,740 per kg, and grades 8 mm and higher command prices between Rs 1,980 and Rs 2,050 per kg.
The total arrivals have witnessed a decrease, falling from 106,486 kg in the previous session to 93,053 kg in the latest update. The unpredictability in arrivals over the last month has added an element of uncertainty to the market dynamics. Despite this, the offtake remains robust, accounting for 100% of the total arrivals (93,053 kg), compared to 105,535 kg in the preceding session. This uptick in demand is attributed to the falling prices, leading to an increase in the daily offtake rate from 99.2% to a full 100%.
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