After a long gap, cardamom prices witnessed a sudden price hike on Thursday registering Rs 200 per kg at Bodinayakanur, Tamil Nadu. Increased online sales and futures market coupled with a rising pressure exerted by local buyers and festival spirits across the country have led to the sudden price hike of this spice.
On the other hand, the Pongal festival seems to have dampened the spirits as the arrivals was only at 62 tonnes and traders are expecting similar trend to continue in the coming days. The holidays and festivals across the states have kept most of the traders away from the market which also led to price hike.
The market is going to witness lean months shortly, but buyers are expecting one more round of crop in the market till February following the final round of harvest in this season.
In the afternoon trade, the offer made by SpiceMore Trading Company was 39.21 tonnes and the quantity sold was 37.78 tonnes. There were 191 lots and the average price realised was Rs 3,955.18 per kg. Some selected lots garnered a higher price tag of Rs 4,261 per kg.
Acumen Capital Markets, Trade analysts said that the most active cardamom February futures gained by 1.44 per cent or Rs 54.60 to Rs 3,840 when last traded on Wednesday.
