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Wednesday, July 6, 2022

MCX Cardamom under long liquidation

Natural gas market under fresh selling; Support seen at 188.5

MCX Zinc under fresh selling; Resistance seen at 173.5

Crude Oil market under long liquidation; Support seen at 4590

MCX Nickel under fresh selling; Support seen at 898.8

Silver market under fresh selling; Support seen at 37820

Technically Cardamom market is under long liquidation as market has witnessed remain unchanged in open interest by 0% to settled at 122 while prices down 6.9 rupees.

Now MCX Cardamom is getting support at 1074.2 and below same could see a test of 1062.1 level, And resistance is now likely to be seen at 1099.2, a move above could see prices testing 1112.1.

Cardamom on MCX settled down by 0.63% at 1086.4 amid higher output and early commencement of new crop supplies. Earlier, 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 1062.1-1112.1.
–Cardamom dropped amid higher output and early commencement of new crop supplies.
–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.
–Cardamom prices in spot market dropped by 20.50 rupees and settled at 1079.50 rupees.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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