Cardamom auction market in Bodinayakanur is likely to witness a seller predominance, after a comfortable arrival of 65 tonnes in the two trading sessions on Wednesday.
According to traders, a good arrival is quite unnatural in the auctions especially during the lean month period and this would pave the way for a seller’s domination in the market. With more arrivals, it can be assumed that planters who are holding the stock are trying to liquidate it on an early basis which clearly makes the market a seller centric.
A selling pressure would further affect the market especially at a time when the prices are showing some instability in the last couple of weeks, traders said.
Exporters are also likely to enter at these declining prices, traders said, adding that cloudy weather in the growing regions may affect the sentiments. Summer shower would result in for vegetative growth in plantations and give more yields. This would be expected to drag down the prices further.
In the morning auctions, the auctioneers Vandanmedu Green Gold Cardamom Producer Company offered 25 tonnes, while the offer made by Idukki Dist Traditional Cardamom Producer Company was 40 tonnes.
Trade analysts Acumen Capital Markets said that the March futures fell by 3.51 per cent or Rs 98 to Rs 2687.60 when closed on Tuesday. The March futures prices are showing some weakness on the daily chart.
Published on March 04, 2020
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