The sweet aromatic spice had a good start as the charts witnessed overall growth with a minor downfall. The month of love made cardamom hike, and in March, growth was seen. The market remained neutral in April. May saw a heartbeat pattern in charts, and June witnessed range-bound trading in Cardamom. However, cardamom seemed to get on track in July but not for long, and August saw the slippery phase. A grumpy trade is visible in the chart for September and October. The ending months were fatal as Cardamom went into turmoil and, thus, started decreasing day by day since November and the same trend continued in December as well.
January-April
Lack of domestic demand made cardamom sloppy, but the quality of cardamom supported the charts, and 101% of the spice was exported as compared to the previous year’s current period. Thus, experts had a favorable view for February but decreased arrivals had increased the prices and restrictions on COVID were lifted. Thus a positive outlook was formed. This positive outlook was accurate as fair cardamom prices attracted exporters, nearly 458 tonnes were exported, and a decline in production caused the prices to hike. However, this did not stay for a longer duration, and a straight graph is seen in April as the festive demands did not influence the cardamom market. And secondly, increased freight prices also affected the export demand.
May-August
The May heatwave caused cardamom hibernation, and a stumbling pattern was witnessed. In June, the same pattern prevailed as there was enough stock in the market to suffice local demand, but the sluggishness in the market made the stockists wait for a significant boom to liquidate their investment. Being under the weather for almost 3 months, Cardamom saw a ray of hope as international freight prices declined by 10-25%, and inquiries about cardamom were witnessed in the market. In August, export demand remained stable due to the low-priced goods from Guatemala in September.
September-December
The massive arrivals in both varieties, small and big, caused the spice to slip, and the only hopes back then were Ramzan festive buying, as Diwali Buying did not support the cardamom market. In November, the two reasons for the downfall, the foremost, were lack of domestic demand and severe crop damage in Assam. On the other hand, India also struggled to get international orders as Guatemala significantly threatened the Indian cardamom market as they sold cardamom at lower prices than India. The festive month- December, saw sluggishness as there was no buying demand even at reduced prices, and thus any hope of a rise in cardamom cannot be determined at present.
To conclude, Cardamom remained a neutral commodity this year, as its journey was grumpy, and many factors affected its trade. Gradually, it started losing its hold in the international market as Guatemala’s cardamom affected the Indian market drastically. Thus, the future of this commodity in the upcoming year remains to be determined.
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