MUMBAI (Commoditiescontrol) - The cardamom prices may remain weak during the coming week due to lacklustre export demand and favourable weather conditions at all the major producing centers of South India.
The prediction of the onset of monsoon in Kerala a few days earlier on May 29 may lead to weakness in prices. For the coming days, the IMD has predicted good rain in South Peninsular India.
Export demand is seen weak after report of quality (due to the availability of pesticides in cardamom) concern has surfaced for the consignment going to Saudi Arabia.
Although the prices may find support from demand coming for Ramzan, but at the same time weak demand in export is likely to pressurise the spice.
Meanwhile, the focus of the market is gradually shifting towards the beginning of monsoon. As per the India Meteorological Department (IMD), the southwest monsoon is expected to hit Kerala on May 29, three days ahead of its normal onset date.
The data from the spices board revealed that during April-December 2017, India exported 4,180 tonnes of Cardamom worth Rs 4.56 billion.
The first advance estimates released by the Ministry of Agriculture had earlier showed that during the year 2017-18, spices production in India remained stable at 8.16 million tonnes.
India exported about 7.97 lakh tonnes of spices and spice products worth Rs 13,167.89 crore during April-December 2017, an increase of 20 percent in volume and four percent in Rupee terms. During the corresponding period in 2016, 6.63 lakh tonnes valued at Rs 12,607.46 crore was exported, a Spices board press release said. In Dollar terms,spices exports were pegged at USD 2041.23 million as compared to USD 1880.02 million, notching an increase of nine percent in value.
(By Commoditiescontrol Bureau; +91-22-40015567)
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