Last Updated : 06 October 2012 at 08:40 IST
India Cardamom: Festive demand picking up?
Source :Commodity Online Editorial Desk
Author :Rakesh Neelakandan
“We seem to witness momentum picking up in the markets in the form of festival demand.” a trader said.
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IDUKKI(Commodity Online): With the crop situation dire, cardamom markets in the meantime are possibly witnessing the beginnings of festive demand.
During the evening on Friday, MCX cardamom October and December contracts hit the upper circuit even as the November contract came too close to hitting the upper circuit. The October contract which opened at Rs.901 had the following attributes.
High: 944.40 Low: 883.20 Close: 944.40
“Cardamom made a good recovery in today's (Friday's ) session. In coming sessions it may face a good resistance in 960 level, and traders can expect a correction around that range. Next major supports are seen at Rs.920 and Rs.900 for November contract.” said Melbin Noble, commodity analyst with Commodity Online.
Production expectation in cardamom is low in coming crop season. Still availability of commodity is there in the market..Friday's movement was mainly a short covering, he maintained.
Cardamom spot markets witnessed an uptrend in Idukki's Nedungandam as sales fetched prices at the rate of 800/kg in the local open markets on Friday.
The overall trend is bullish in spot as the climate is hot. This scenario, if continued further would be detrimental to the crop output volumes. As a result, value of the crop may climb.
“We seem to witness momentum picking up in the markets in the form of festival demand.” a trader said.
MCX warehouse stocks eligible for exchange delivery as on 4 October 2012 stand at 82.90 metric tons.
If total production of Guatemala cardamom for this season reaches 24,000 to 25,000 tons compared to 18,000 tons last season, one may see the next round of crops getting much lower prices when compared to the season that started on September/October this year, unconfirmed reports from Guatemala said.
