Cardamom futures are expected to open on positive note on follow through buying. Overall positive fundamentals on good demand from exporters and up country buyers are likely to support the prices.
According to trade sources, one more round of picking is remaining for current harvesting season and likely fall in arrivals is expected in coming days. Total arrivals at spot auction held in Kerala were reported around 96,079 Kg. on Sunday.
Total arrivals at spot auction till January 22nd were reported around 10,410 tonnes 6,910 tonnes arrived during same period last year. According to derivative analysis, prices and volumes have increased while open interest has declined.
It is a good indication that Market has a lot of traders initiating from both sides but larger traders may be liquidating into the higher prices.
The market may be vulnerable to large price swings as shorter time frame traders attempt to trade from both sides of the market but liquidating before end of day.
Often a signal of a market turns near-term or continued volatility.
Cardamom MCX Feb-12 support: 655 663 resistance: 676 681 Buy at 660 TP 708 SL 630
Looking for Agri Research? Visit research.commodityonline.com
