Normal operations seem to have resumed in the cardamom auction market on Monday, as is evident from the improved arrivals of capsules for pooling in Bodinayakanur auctions on Monday.
According to traders, the week-long Pongal holiday mood was over and the total arrival for the two trading sessions were on the higher side at 125 tonnes. It may be recalled that most of the local buyers had stayed away from the market during the last week by holding their stock which had affected the prices, registering a downward trend.
Traders pointed out that the improved arrivals is a good sign of market revival and there has been increased participation from all the stakeholders in the trading fraternity. The trade is expecting one more round of crop as the final round of harvest has already started in this season.
" However, the dry and humid weather in the cardamom growing tracts and the absence of sufficient showers in the last 40 days are likely to boost the sentiments in the market, which would also have a reflection on prices," traders said.
In the morning session, the auctioneers' Mas Enterprises Ltd offered 60.5 tonnes. Header Systems India Ltd was the auctioneer for the afternoon auctions and the quantity on offer was 64.5 tonnes. The two auctioneers insist on quality capsules for the trading sessions.
Trade analysts Acumen Capital Markets said that the most active cardamom futures rose by 3.9 per cent or Rs 157.3 to Rs4101 when closed on Friday. The February futures price is showing a bullish trend on the daily chart.