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Tuesday, November 30, 2021

MCX Cardamom under short covering

MCX Aluminium under long liquidation; Resistance seen at 143.3

MCX Mentha Oil likely to trade in a range of 1451.8-1554.8

Natural Gas market under short covering; Support seen at 192.8

Crude Oil expected to trade in a range between 4748-5160

Silver market under fresh selling; Support seen at 39085

Technically Cardamom market is under short covering as market has witnessed drop in open interest by 7.19% to settled at 155 while prices up 0.4 rupees.

Now MCX Cardamom is getting support at 993.4 and below same could see a test of 976.3 level, And resistance is now likely to be seen at 1024.2, a move above could see prices testing 1037.9.

Cardamom on MCX settled up by 0.04% at 1010.5 on reports that recent rains have damaged the plants and output may be lower than earlier estimates. Rains have also impacted the new crops and supplies from the fresh crop would get momentum by the third week of this month, though scattered supplies have begun to pour in some of the auction centres.

Stockists did not make buying on hopes of higher output and early commencement of new crop supplies. Heavy monsoon rainfall that has caused damage to plantation thereby resulting in crop loss and downward revision of earlier made higher crop estimates.

At the Vandanmedu auction centre, supplies were at 21 MTs; lower by 22 MTs that traded at avg. auction prices of Rs.982/kg, higher by Rs.31 while max price superior quality material fetched was at Rs.1256/kg.

According to Spices Board, cardamom exports during 2017-18 hit all time high at 5680 MTs valued at Rs.60908 lakhs. Harvesting activities are also likely to be delayed due to heavy rains that will lead to delayed arrivals of fresh crop to auctions.

Light to moderate rainfall is most likely in many places of Idukki district until 9th Jul. Despite record higher exports in 2017-18, exports figure in 2018-19 may not touch that volume as there are issues regarding pesticide to the stocks exported to Saudi Arabia.

Trading Ideas:
–Cardamom trading range for the day is 976.3-1037.9.
–Cardamom prices gained on reports that recent rains have damaged the plants and output may be lower.
–Stockists did not make buying on hopes of higher output and early commencement of new crop supplies.
–Rains have also impacted the new crops and supplies from the fresh crop would get momentum by the third week of this month.
–Cardamom prices in spot market dropped by 5.20 rupees and settled at 1016.30 rupees.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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