A poor arrival has forced auctioneers to cancel cardamom auctions in the afternoon session at Puttady on Tuesday.
The market is witnessing lower arrivals of cardamom in the last few days, but there has been some exceptions. Traders cited the increased arrival was sentiment related, due to a price stabilization from the lowest level last week, prompting traders to sell at the next available opportunity.
However, traders said that the low quantity on sale is an indication that the current harvest is over. The market has been witnessing a slow movement, and there was some unstability yesterday due to higher arrivals.
In the morning session, the auctioneers KCPMC has offered 37.23 tonnes in 180 lots. According to traders, the market is likely to be stable as major buyers have come forward to participate. However, cloudy weather in the growing regions is likely to affect the sentiment, as rains would enable plantations to be healthier for getting more yields.
A good export enquiry is also likely to perk up overseas demand.
Trade analysts Acumen Capital Markets said that cardamom March futures fell by 3.6 per cent or ₹103.7 to ₹2785.6 when closed on Monday. The March futures price is showing some weakness on the daily chart.