Cardamom traders are apprehensive over the restrictions imposed in the auction hall, saying that such limitations are hindering a smooth trading process.
Traders pointed out that the permission given to operate 30 terminals to ensure a one-meter distance between the bidders and the limitations in the entry of bidders in the hall are causing some technical difficulties for conducting the trade. Moreover, subdued demand for cardamom across the upcountry markets due to virus scare has also led to a slow movement in the trade.
Major traders abstained in yesterday’s auctions because of the ambiguity in continuing the trade following the coronavirus related issues. The prices improved slightly on Wednesday when the auctions resumed at Puttady after receiving permission with tight safety measures.
However, the average price realisation was lower at ₹2,380 per kg, especially with the offer of present bulk that too of medium quality.
Majority of traders expect a similar situation in today’s auction as well with the market remaining steady without any major changes in price movement. Exporters are not active in the market because of the shutdown of business centres across the gulf markets.
The quantity offered in today’s auction was lower as Mas Enterprises offered 19 tonnes in the morning, while the offer made by Header Systems in the afternoon was 21 tonnes.
Trade analysts Acumen Capital Markets said that the April futures were down by 0.13 per cent or ₹3.2 to ₹2,302 when closed on Wednesday. The April futures price is showing some weakness on the daily chart.
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March 19, 2020 at 01:26PM
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Covid-19: Restrictions hinder the smooth trading process in cardamom auctions - BusinessLine
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