It was reported on Tuesday, October 19 the prices went up for Cardamom in Kochi for the best grades by $0.17 per kg, and $1.07 was up for the average quality of the product.
On Monday, the prices for the spice dopped for all the Green Cardamom varieties. Green Cardamom 8 mm slipped to $20,20 per kg FOB from last Friday’s price of $20,30 per kg FOB. Green Cardamom 7.5 mm traded for $17,36 per kg FOB from $17,46 per kg FOB. On Monday, Green Cardamom 7.2 mm’s price fell from $16,44 per kg FOB to $1634 per kg FOB. Both Green Cardamom 7 mm and Green Cardamom 6.5 mm-6.8 mm prices were recorded on Tuesday at $15,67 per kg FOB after it dropped from $15,77 per kg FOB and $15,33 per kg FOB from $15,43 per kg FOB, respectively.
The rise in the demand for the excellent quality of the pods resulted in the market staying stable after the sudden slump in the price on Monday. Another reason that the experts believed to have caused the recession in the price on the first day of the week is the continued supply of the new Cardamom as the first round of picking continues in Kerala. Therefore, it is expected that the increase in Cardamom production can negatively affect the prices in the coming days.
Farmers have invested in growing Cardamom this year for the last two years, the planters have received a reasonable price for their crop. Currently, despite the price slump, the overall sentiment among the farmers remains the same, i.e., they will not release their produce at this lower price. They expect the prices to surge, and then only they will sell their crop. Hence with the favourable condition, the planters of the spice are taking care of their produce.
Unfortunately, according to the market experts, the higher production of Cardamom this year, which is estimated to be between 22,000 and 23,000 MT compared to last year’s 19,000 and 20,000 MT, will cap the price in the market. The upcoming festival Diwali and with the arrival of the wedding season, the prices are expected to stay firm instead of developing a southward trend.
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