Cardamom sellers seen as searching for support levels
Guatemalan cardamom prices escalated sharply higher at the opening of the new crop in September/October, Indian trader KMG Robust recalled in a January 5 report.
The company noted that prices in this period soared and exporters made substantial sales at the opening of the new crop.
Mixed yellow qualities (MYQ) reached USD6.75 per kilo c&f having opened at USD4.24/kg c&f.
KMG Robust found that buyers were hesitant to continue supporting such price rises and “went on the back foot”.
“Now the sellers are searching for support levels and prices have eased out. However, the fact that Guatemala’s crop is smaller than last year might not allow prices to go down much from the current levels on pales green and yellow. Fancy green will face stiff competition from India and hence could remain depressed,” it added.
KMG Robust gave current price indications of USD12.50/kg c&f Felixstowe on jumbo fancy (bold) greens; USD10.75/kg c&f on large greens; and USD9.50/kg c&f on medium greens.
Jumbo pale greens were listed at USD10.00/kg c&f; large pale greens at USD8.75/kg c&f; and medium pale greens at USD8.00/kg c&f.
MYQs were said to be at USD6.00/kg c&f Felixstowe.