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MCX Cardamom under fresh selling; Resistance seen at 985.8
Commodity Online | November 14 2017
UPDATED 14:33:17 IST

MCX Cotton may trade 19287-19667 levels

MCX Cardamom under short covering

Zinc market under fresh buying; Support seen at 230

Copper market under fresh selling; Support seen at 454.4

NCDEX Jeera under long liquidation

Technically Cardamom market is under fresh selling as market has witnessed gain in open interest by 4.04% to settled at 283 while prices down 1.3 rupees.

Now MCX Cardamom is getting support at 962.8 and below same could see a test of 953.4 level, And resistance is now likely to be seen at 985.8, a move above could see prices testing 999.4.

Cardamom on MCX settled down by 0.13% at 972.2 on profit booking after prices seen supported as exporters demand is likely to continue till January. Earlier there were fears of fall in output due to dry weather but extended monsoon rains over Kerala and Tamil Nadu helped the crop to recover.

When the harvest started, growers estimated crop output to remain in the range of 10,000 to 15,000 ton. But now they expect output to go beyond 20,000 ton. Anticipation of a comparatively good crop due to favourable weather conditions coupled with a likely decline in the prices has slowed buying.

A liquidity crunch and severe labour shortage are adding to the problem. Exporters bought 100-120 tonnes last week. Total arrivals stood at 749 tonnes last week as against 655 tonnes the previous week.

The auction average for the week dropped to Rs. 826.27 a kg from Rs. 902.31 the previous week. Total arrivals during the current season, as on November 4, were 7,834 tonnes and sales touched 7,659 tonnes.

The individual auction average of the season was Rs. 1,003.02 a kg. India exported 1,220 ton cardamom during Apr-Jun 2017-18 up from 1,108 ton a year ago. Value wise export recorded a growth of 48% due to higher per kg realization.

Trading Ideas:
--Cardamom trading range for the day is 953.4-999.4.
--Cardamom dropped on profit booking after prices seen supported as exporters demand is likely to continue till January.
--Earlier there were fears of fall in output due to dry weather but extended monsoon rains over Kerala and Tamil Nadu helped the crop to recover.
--When the harvest started, growers estimated crop output to remain in the range of 10,000 to 15,000 ton.
--Cardamom prices in spot market gained by 8.70 rupees and settled at 991.90 rupees. 

 

Courtesy: Kedia Commodities

 

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