The spot market price remained steady on Tuesday, October 12, after increasing on Thursday, October 7, for all the green varieties.
Green Cardamom 8mm after decreasing to $20,18 per kg FOB on October 5, increased to $20,30 per kg FOB on October 7. Green Cardamom also followed a similar trend after the price decreased on October 5 to $17,36 per kg FOB, then rose to $17,46 per kg FOB. As a result, green Cardamom 7.2 mm increased to $16,44 per kg FOB from $16,34 per kg FOB on October 7.
For the Green Cardamom 7 mm and Green Cardamom 6.5 mm- 6.8 mm, the price increase was also noted on October 7. The price for 7 mm increased from $15,67 per kg FOB to $15,77 per kg FOB, while 6.5 mm -6.8 mm’s price rose from $15,33 per kg FOB to $15,43 per kg FOB last week.
While the overall trend stayed steady, in Kochi, the Cardamom auction for the best grade traded a bit lower than the average, while the average rate was reported to be up by $0.12 per kg. Also, the arrival of b the spice was recorded to be over 80,000 kgs, the largest in recent days.
According to experts, the price is believed to stay firm for Cardamom until Diwali with reasonable demands. The price has also been positively impacted due to the lower supply of the crop in the market since the farmers are not interested in selling them at a decreased cost.
In the last two years, farmers got a reasonable price for Cardamom, and with the favourable condition, they are keen to take care of the present crop until they reach the expected price. However, market analysts believe that the increase in cardamom production may cap the upcoming market year, i.e., 2021-22.
The expected production of Cardamom is to be around 30,000 MT compared to last year’s, between 19,000 MT and 20,000 MT. Picking the new crop is already on in Kerala and will continue in October, and this will start flooding the markets with new crops soon.
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