As per the latest updates from the Spices Board of India, the average pricesof cardamom in the auction held at STCL, Kumily on Monday (as on 26th November2012) stood at Rs 839.42 and maximum price was at Rs 1058 per kg. The arrivalsand offtakes stood at 22470 kg. The average price in the previous auction was Rs832.52 per kg, meanwhile arrivals and offtakes stood at 96560 kg.
India's crop is projected lower over last year and short fall in the local arrivals is expected in mid December -January period. Cardamom is expected to bounce back in medium term, when arrivals slumps in auctions and on pick up in export orders. Guatemala's crop with carry over stocks estimated around 34 thousand tonnes and some infestation will affect mainly the quality of the Guatemalan cardamom this season. Guatemala produced a record of 10,000 tons of cardamom in the month of October 2012. Never before on the history of cardamom, Guatemala had produced so much cardamom in one month. This is 40 % of the total production of Guatemala three years back. Guatemala cardamom harvesting runs through October till June next year.
Cardamom gained Rs 165 per 1 kg in November lead by strong fundamentals. Cardamom dipped around Rs 70 per 1 kg in the last two sessions from the high of Rs 977.20. Cardamom December contract ended the day at Rs 943.50, up Rs 36.40 or 4% from the last close. The open interest dipped 100 lots to 3,827 lots, indicating profit taking.
