Cashew nut demand is likely to increase in the coming weeks with prices of all competing nuts on the higher side, traders said.
While demand from the Middle East market and Europe continues to remain sluggish, US consumption is showing an increasing trend. Domestic sales in India during the festivities are reported to be very good. The market could rally higher in the coming days, Hari Krishnan R Nair, chairman of Cashew Export Promotion Council of India said.
Price range during the last week stood at $ 3.95 per pound for W240 and $ 3.45 for W320, Pankaj Sampat of Mumbai based Samsons Trading said. Raw cashew nut prices also inched up a bit due to buying by small processors in India and Vietnam who have run out of stock.