MUMBAI (Commoditiescontrol) - Available capsules for upcoming harvest which normally starts from mid-June is very limited due to prevailing drought conditions.
Across all the auction centers cardamom traded at an average price of INR 2400 and above. If the first harvest is not as expected, the price may sustain at the same higher levels in coming days.
Normally, harvest starts from mid-June or beginning July. Upcoming rainfall will decide the commencement of harvest for the current season.
Masala and other industries are doing hand-to-mouth buying at present due to prevailing higher prices.
Export flow is also very limited due to higher prices. From June 2018 to February 2019, Cardamom export from India stood at 2780 MT as compared to 4902 MT exported during the same period previous year, a decline of 43%.
The decline in export can be attributed to prevailing pesticide residue issued from the major destination EU and the prevailing all-time-high domestic price levels.
Auction trade analysis
As per the detailed auction trade analysis, the maximum number of trade happened between INR 2300-2400 per kg levels (27.58% of the total trade), followed by INR 2400-2500 per kg levels (21.15% of the total). Around 80% of the total trade, happened between INR 2200-2600 per kg levels. The market has to depend on the existing stock until the new crop arrives.
(By Commoditiescontrol Bureau)
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