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Processors experience a ‘cashew crunch’ as raw nut prices soar globally
Tuesday, 31 May, 2011, 08 : 00 AM [IST]
Archana Aroor, Mumbai
Prices of Raw Cashew Nuts (RCN) have spurted recently in the international market due to supply constraints.
“High RCN prices have made cashews dearer for the processors. Factories which relied on the Indian cashew crops will have to pay high prices, due to which cashew kernel prices are likely to reach new highs after August,” a source from Achal Cashew Industries informed FnB News.
He further added that the global production of raw cashew nuts ranged between 16.7 lakh tonnes and 17.5 lakh tonnes in 27 countries such as Vietnam, Brazil, Ivory Coast, Tanzania, Indonesia, Mozambique and Nigeria. But there was a decline in production by 2 lakh tonnes in 2010.
However, this year global cashew production is estimated to be restricted at 14.5 lakh tonnes. Hence there is a pressure on the RCN prices.
According to reports, there was a 25 per cent drop in the cashew crop globally, coupled with competition from Brazil and Vietnam for import of raw nuts and also political turmoil in Ivory Coast, which in turn crippled supplies. Around 4,00,000 tonnes of the RCN supply was held up by Ivory Coast.
The source informed that cashew procurement prices in India stood between Rs 66 and Rs 83 per kg in states like Karnataka, Orissa, Maharashtra and Goa.
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