Panchthar, December 24:

The price of cardamom was above Rs 8,000 per 40 kg just prior to the Tihar festival but now it has plunged to Rs 6,500. It is a record low in the last six years. Traders and farmers fear it might slide down to Rs 5,000 if the declining trend continues.

“The price is dwindling. Hardly does the market price remain the same in the evening. Traders are incurring loss everyday,” local trader Dipak Nepal said, pointing at the unstable market price. Nobody had expected the price to come lower than Rs 7,000 per 40 kg, he added.

The new harvest is expected to reach the market. Part of it is in the drying process while produce from highlands and lower regions are ready for marketing. The price is predicted to come down further.

At present, Phidim bazaar sees a trade of 3,600 to 4,000 kg of cardamom daily. The volume would rise to 8,000 kg daily once the highland harvest enters the market, traders said.