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Fresh selling seen in MCX Cardamom
Commodity Online | July 17 2017
UPDATED 12:03:07 IST

Nickel market under short covering; Support seen at 789.1

MCX Cotton may move in a range of 20603-21143

Zinc market under short covering; Support seen at 216.7

Copper market under short covering; Support seen at 451

MCX Natural Gas may trade in a range between 189.4-213.6

Technically MCX Cardamom is under fresh selling as market has witnessed gain in open interest by 0.28% to settled at 362 while prices down -7.9 rupees.

Now Cardamom is getting support at 1009 and below same could see a test of 1003.2 level, And resistance is now likely to be seen at 1022.8, a move above could see prices testing 1030.8.

Cardamom on MCX settled down -0.77% at 1014.8 on profit booking after prices gained on decline in arrivals at auctions held in Kerala and Tamil Nadu.

Delayed arrival of south west monsoon in the cardamom growing regions has delayed the harvesting and that in turn has resulted in thin supplies, according to market sources.

Meanwhile, upcountry buyers, by and large, are said to be still faced with teething troubles of the GST and until they are able to get into the track the demand is likely to remain limited.

At the same time, export enquiries are there but availability of exportable grade material is tight. The required size of capsules will start arriving only from the second round of picking which will begin from mid-August.

Last week, arrivals dropped to 170 tonnes from 191 tonnes the previous week. Total arrivals during the current season up to July 7, 2017 were at 19,396 tonnes and the sales were at 18,452 tonnes.

The arriving new crop has 8% moisture content as it is from the first picking. The second round of picking is likely to start by mid-August, followed by third and fourth rounds, which will continue until February.

With production of cardamom expected to rise in 2017-18 (Jul-Jun) due to good summer rains and southwest monsoon, prices may decline further.

Trading Ideas:

--Cardamom trading range for the day is 1003.2-1030.8.

--Cardamom prices dropped on profit booking after prices gained on decline in arrivals at auctions held in Kerala and Tamil Nadu.

--Delayed arrival of south west monsoon in the cardamom growing regions has delayed the harvesting and that in turn has resulted in thin supplies.

--The required size of capsules will start arriving only from the second round of picking which will begin from mid-August.

--Cardamom prices in spot market dropped by 14.60 rupees and settled at 1131.30 rupees.

Courtesy: Kedia Commodities

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