Traders are pinning hopes on the revival of cardamom demand in Delhi and surrounding areas especially with the completion of Assembly polls in the capital. The market operations there are expected to be regularized by mid-week that would perk up demand.

According to traders, the Puttady auctions on Monday witnessed improved arrivals at 65 tonnes and the rising trend compared to previous week is likely to keep the market stable.

Even at the lower arrivals and declining price trend during last week, traders pointed out that the premium grade capsules with a size of 7.5 to 8 mm moved steadily that itself shows of a steady market for high grade materials.

The only category that witnessed price volatility was the present bulk (current harvest). This coupled with a slow movement in the market had impacted prices in the previous week.

Barring the present bulk, overall there was an upward price trend that is evident in Rs 200 per kg rise across all categories last week. There are also reports of crop holding by planters due to declining prices.

In the morning session, the auctioneers Header Systems India Ltd offered 33 tonnes, while the offer made by Mas Enterprises in the afternoon auction was 32 tonnes.  

Trade analysts Acumen Capital Markets said that cardamom March futures gained by 0.38 per cent or Rs14 to Rs3636.70 per kg when closed on Friday. The March futures price is showing some weakness on the daily chart.