Live Spot Prices
Nickel ( MCX ) 686.9 | Aluminium ( MCX ) 139.55 | Cardamom ( MCX ) 1180.2 | RBD Palmolein ( MCX ) 579 | Refined Soy Oil ( NCDEX ) 681.9 | Sugar M ( NCDEX ) 3700 | Guar Seed ( NCDEX ) 3743
 
MCX Cardamom may trade 1217.1-1280.1 levels
Commodity Online | September 13 2017
UPDATED 12:24:05 IST

MCX Cotton likely to trade in a range between 18147-18527

MCX CPO under long liquidation: Support seen at 537.8

NCDEX Ref.Soya oil likely to trade in a range between 672-678

Mentha Oil market under long liquidation; Support seen at 1165.8

MCX Aluminium likely to trade in a range between 135.1-143.1

Technically MCX Cardamom is under short covering as market has witnessed drop in open interest by -3.23% to settled at 330 while prices up 47.1 rupees.

Now Cardamom is getting support at 1237.7 and below same could see a test of 1217.1 level, And resistance is now likely to be seen at 1269.2, a move above could see prices testing 1280.1.

Cardamom on MCX settled up by 3.89% at 1258.2 as good demand has a slight edge over the supply. Consequently the market remained firm at the auction held in Bodinayakannur in Tamil Nadu.

At the auction conducted by the Cardamom Planters' Association (CPA) 19 tonnes of cardamom arrived and almost the entire volume traded. The auction average rose to ?1,137.88 a kg from its previous average of ?1,039.25 a kg.

Last week at all the auctions the individual auction average remained above ?1,100 a kg and vacillated between ?1,108 and ?1,162 a kg. The weekly auction average was at ?1,142.38 a kg.

Empty pipe lines in the consuming markets coupled with the supply not improving to the normal supply level at this point of time of harvesting has led to active coverage by upcountry buyers.

Besides the exporters were also buying and they have bought an estimated 70 tonnes last week. During the week nine auctions were held and the total arrivals stood at 479 tonnes and the sales were at 474 tonnes.

Cardamom second picking activity is going on in Kerala. In 2017-18 crop year, earlier expected production around 26,000-28,000 MT but in midway weather condition not favourable for standing crop so production slightly fall expected, now good weather reported in Indian growing regions.

Trading Ideas:

--Cardamom trading range for the day is 1217.1-1280.1.

--Cardamom prices gained as good demand has a slight edge over the supply.

--During the week nine auctions were held and the total arrivals stood at 479 tonnes and the sales were at 474 tonnes.

--In 2017-18 crop year, earlier expected production around 26,000-28,000 MT but in midway weather condition not favourable for standing crop so production fell.

--Cardamom prices in spot market dropped by 5.40 rupees and settled at 1228.50 rupees.

Courtesy: Kedia Commodities

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