Live Spot Prices
Lead ( MCX ) 160.7 | Gold ( MCX ) 29694 | Cardamom ( MCX ) 1043.1 | Zinc ( MCX ) 205.75 | Cotton Seed ( NCDEX ) 1514 | Refined Soy Oil ( NCDEX ) 673.1 | Kapas ( NCDEX ) 872.5
Technically MCX Cardamom is under long liquidation as market has witnessed drop in open interest by -3.46% to settled at 335 while prices do" />
 
MCX Cardamom may trade 1006.4-1048.4 levels
Commodity Online | October 12 2017
UPDATED 12:31:42 IST

NCDEX Rmseed under fresh market; Support seen at 3886

Short covering seen in MCX Nickel; Resistance seen at 779.4

NCDEX Turmeric under short cover; Resistance seen at 7545

MCX Zinc under fresh buying; Support seen at 202.9

Resistance seen at 19032 for NCDEX Jeera

Technically MCX Cardamom is under long liquidation as market has witnessed drop in open interest by -3.46% to settled at 335 while prices down -0.5 rupees.

Now Cardamom is getting support at 1014.8 and below same could see a test of 1006.4 level, And resistance is now likely to be seen at 1035.8, a move above could see prices testing 1048.4.

Cardamom settled flat as new season arrivals have been limited affected by the dry weather in the cardamom growing regions of Kerala. Good demand for the domestic market as well as for exports are driving the prices higher.

During the current week the total arrivals stood at 441 tonnes, which is lower by 8% compared to last week arrivals and the sales were at 434 tonnes. The arrivals declined for the third consecutive week while the demand is increasing.

The exports of cardamom during the first quarter of FY 2017/18 increase by 12.5% to 1,403 tonnes compared to last years’ 1,247 tonnes. Arrivals have started picking up in auctions centers and quality is also improving.

Producing centres of Kerala, Karnataka and Tamil Nadu received good rains in the recent past which may be beneficial for the standing crop and may trim the anticipated damage. Recently, exporters bought nearly 120 tons cardamom in various auctions.

Last week, 10 auctions were held and the total arrivals stood at 532 tonnes against 663 tonnes the previous week. The auction average for the week dropped to Rs. 966.52 a kg from Rs. 995.16.

Total arrivals as on October 7 were at 5,367 tonnes and sales were at 5,228 tonnes. The individual auction average was at Rs. 1,051.03 a kg.

Trading Ideas:

--Cardamom trading range for the day is 1006.4-1048.4.

--Cardamom settled flat as new season arrivals have been limited affected by the dry weather in the cardamom growing regions of Kerala.

--Good demand for the domestic market as well as for exports are driving the prices higher.

--During the current week the total arrivals stood at 441 tonnes, which is lower by 8% compared to last week arrivals.

--Cardamom prices in spot market gained by 5.30 rupees and settled at 1084.80 rupees.

Courtesy: Kedia Commodities

 

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