MUMBAI – Cardamom prices increased early this month for all the significant varieties before it was hit with a southward trend. However, in the middle of the last week, the prices improved after which it had held steady till Monday this week.
Green Cardamom 8mm price increased to $21,64 per kg FOB from $19,12 per kg FOB. Green Cardamom 7.5 mm price also improved from $15,04 per kg FOB to $17,76 per kg FOB. The improved trend was witnessed for Green Cardamom 7.2 mm, Green Cardamom 7 mm, and Green Cardamom 6.5 mm – 6.8 mm. The price increased to $16,73 per kg FOB from $13,67 per kg FOB for 7.2 mm, while 7mm’s price appreciation was to $16,05 per kg FOB from $12,99 per kg FOB and 6.5 mm 6.8mm price rose from $11,63 per kg FOB to $15,37 per kg FOB.
The lower arrival of the crop has been an important factor in keeping the spot market prices firm. Farmers are not keen to sell their products at a lower price since they have experienced better pricing in the last two years.
With favorable weather conditions, the farmers are keener to take care of their plants and only start selling when the prices are encouraging for them. It has also been expected that the weather conditions will yield better cardamom production, which will be between 22,00 and 23,000 MT compared to last year’s 19,000 to 20,000 MT.
The first picking activity of cardamom has started in the regions of Kerala, and improved production is believed to have put the cap on the prices. One hopes that the demands will increase with the festive season around the corner; hence, an improvement in the price can be expected.
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