India: Big Cardamom: Fear of Recession Begin to Weaken

In the last auction held on March 10 so far, the average auction price of large cardamom had come down to $7,53/9,63 per kg. Due to sluggish sales, the large cardamom bunch recently bears $ 0,33-0,39. The prices currently remain at $ 9,43/9,56 per kg level. Earlier it had improved by $0,13.

Current Trend

Large cardamom prices have remained sluggish for the past few days due to less sales due to the recession a few days ago. In less than two weeks, the month of Ramadan will start. Therefore, the possibility of bearishness in large cardamom in the spot market is less in the coming days.

Indian Big Cardamom prices have picked up significantly early in the season due to a sharp drop in domestic and other origins production. Traders are silent after this price hike and are waiting for a correction in prices. Due to the unfavorable weather conditions during the crop growth period, large cardamom production in the country is less than the previous year. Estimations are there that production is less by 35-40 percent. After a significant uptick in large cardamom recently due to weaker than regular supply, the trend has been ailing for some time now. At present, the second crop of big cardamom is in progress in the country.

According to the estimates presented earlier, the arrival of the first crop of big cardamom in various auctions is becoming much weaker than average. Not only this, there are reports of heavy damage to the upcoming harvest in other large cardamom-producing countries like Nepal and Bhutan. The first crop of big cardamom in Nepal this year is half compared to last year. A similar situation is being reported in Bhutan as well.

Future Trend

The month of Ramadan will start at the beginning of the coming April. Due to this, the fear of recession in big cardamom is likely to weaken. The market can witness a strong trend in Big Cardamom in Near Future.

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