A tale of spice unfolds in the bustling streets of New Delhi, where commerce and culture converge. Small cardamom, hailed as the ‘queen of spices,’ has faced a turbulent season. Traders bear witness to this culinary quandary, grappling with declining yields and unpredictable fortunes. As they navigate this aromatic arena, prospects for a resolute and profitable resurgence remain uncertain.
Sluggish market
In the heart of this story lies a unique twist. As foreign dignitaries descend upon the capital city of Delhi for the G20 meeting, the local wholesale grocery market experiences a lull in its otherwise spirited hustle. Amid this diplomatic dalliance, small cardamom and its larger cousin, the seven-and-a-half-millimeter cardamom, hold their prices at (approximately $18.63 – $19.24) and (roughly $22.86 – $24.04) per kilogram, respectively. Recent dips still need to ruffle their aromatic allure. Thus, market sentiment remains sluggish, ensnared by normalcy in supply and availability.
In the southern states of Kerala, Karnataka, and Tamil Nadu, the reigning monarchs of small cardamom cultivation, losses of 15 to 40 percent echo the diverse rhythm of nature. Yet, these losses have not translated into an imbalance in the domestic spice markets. Somewhere around the mid-November mark, the tantalizing tide of supply shall ebb. The present status quo is a mere prelude to that impending crescendo.
Amidst the fluctuations, the trader’s voice emerges, echoing from Tamil Nadu, with recent profits ringing in at approximately $4.81 – $6.01, cautious stockists embark on a journey of profit booking. A prudent endeavour, for it stems the tide of small cardamom’s price surge. Nevertheless, the path to prosperity remains slow and uncertain, contrasting expectations.
In this arena of cardamom conundrum, traders brace themselves for the winds of change, which may take at least two to two and a half months to sway the spice markets. The journey of small cardamom, the regal queen of spices, is marked by patience and persistence. For traders and exporters alike, the future holds the promise of aromatic resurgence, albeit uncertain.