Last Updated : 19 October 2012 at 10:10 IST
India Cardamom: Trend steady in spot markets; festive demand robust
Source :Commodity Online Editorial Desk
Author :Rakesh Neelakandan
The trend is steady in the spot markets with no rains disturbing the area yesterday. Festive demand is robust even as export demand is relatively weak when compared to previous years.
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IDUKKI (Commodity Online): Idukki witnessed sales at the rate of Rs.740 for farm grade cardamom, Rs.900 and above for MCX grade cardamom and Rs.1025 for 8mm cardamom.
The trend is steady in the spot markets with no rains disturbing the area yesterday. Festive demand is robust even as export demand is relatively weak when compared to previous years.
The commodity traded in a narrow range in the intraday session yesterday. Major support and resistance are there at Rs.885 and Rs.920 respectively. Traders can expect a positive momentum unless prices break the important support level of Rs.885, as per our in-house analysts.
MCX warehouse stocks as on Wednesday stands at 90.2 metric tons.
New crop season has started in Guatemala and a bumper cardamom crop is expected there.
Total quantity to be produced is expected to reach 32 to 33 thousand tons, plus a carryover stock of at least 1,000 tons . Last season, Guatemala exported 29,000 tons of cardamom and around 1,000 tons were left in Guatemala in the hands of speculators.
If this carry over stock is added to Guatemalan production for this season, we can expect around 33 to 34 thousand tons from Guatemala this season.
Some areas in cultivation have been infested since a couple of years back by Thrips. A small insect that causes malformations on the cardamom pod.
