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MCX Cardamom may trade 1087.4-1139 levels
Commodity Online | January 12 2018
UPDATED 11:45:04 IST

MCX Nickel under short covering; Resistance seen at 905.3

MCX Aluminium likely to move in a range of 143.8-149

MCX Mentha Oil under short covering; Support seen at 1652.3

MCX Cotton under long liquidation

MCX Cardamom under fresh buying; Resistance seen at 1419.8

Technically MCX Cardamom is under long liquidation as market has witnessed drop in open interest by -0.22% to settled at 456 while prices down -11.5 rupees.

Now Cardamom is getting support at 1097.4 and below same could see a test of 1087.4 level, And resistance is now likely to be seen at 1123.2, a move above could see prices testing 1139.

Cardamom on MCX settled down by -1.03% at 1107.5 amid higher arrivals at auctions held in Kerala and Tamil Nadu.

Total arrivals last week were up at 892 tonnes last week from 707 tonnes the previous week. The individual auction average has moved up to Rs. 936.32 a kg last week from Rs. 906.32 the previous week.

Depleting inventories in the upcountry markets coupled with buying support from consuming centres could be attributed to the rise in demand.

Added to this, the current season’s peak harvesting time is over and hence there exists a fear about squeeze in availability of quality material in the coming days. The auction average was at around Rs. 950 a kg as against Rs. 932 the previous week.

Exporters were also active and said to have bought an estimated 130 tonnes last week. The individual auction average vacillated between Rs. 912 a kg and Rs. 955 a kg last week.

Total arrivals during the current season as on December 23 were at 12,760 tonnes and sales were at 12,505 tonnes. The individual auction average of the season was at Rs. 959.96 a kg.

Trading Ideas:

--Cardamom trading range for the day is 1087.4-1139.

--Cardamom prices dropped amid higher arrivals at auctions held in Kerala and Tamil Nadu.

--Total arrivals last week were up at 892 tonnes last week from 707 tonnes the previous week.

--Depleting inventories in the upcountry markets coupled with buying support from consuming centres could be attributed to the rise in demand.

--Cardamom prices in spot market gained by 2.80 rupees and settled at 1047.10 rupees.

Courtesy: Kedia Commodities

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