The Indian Green Cardamom market is currently experiencing a period of volatility, with prices fluctuating significantly over the past few weeks. As of June 28, 2023, the average price of Indian Green Cardamom is Rs. 1,161.23 per kilogram, which is up from Rs. 1,159.99 per kilogram last week but down from Rs. 1,192.61 per kilogram last month.
There are a number of factors that could be contributing to the volatility in the Indian Green Cardamom market. These include:
- Weather conditions: The recent monsoon rains in India have disrupted the cultivation of Indian Green Cardamom, which has led to a decrease in supply.
- Demand: Demand for Indian Green Cardamom is also increasing, as the spice is becoming more popular in global markets.
- Currency fluctuations: The depreciation of the Indian rupee against the US dollar has also made Indian Green Cardamom more expensive for foreign buyers.
- Artificial colors detected in e-auction centers. In November 2022, the Food Safety and Standards Authority of India (FSSAI) detected artificial colors in Indian Green Cardamom samples that were being auctioned online in Puttadi and Bodynaykkannur. The artificial colors (Food Grade Colors) were being used to artificially enhance the color of the cardamom, making it appear more vibrant and appealing to buyers.
Assumptions that the Cardamom Market remain up for coming weeks as well, as the expected crop harvesting may delay until July Mid 2023.. However, the current volatility suggests that prices are likely to remain volatile in the near term.
Here is a table comparing the average price of Indian Green Cardamom for this week, last week, and last month:
|Week||Average Price (Rs./kg)|