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New York
Sunday, May 29, 2022

MCX Cardamom under fresh buying; Resistance seen at 1363.5

Aluminium market under fresh buying; Support seen at 141.6

Nickel market under long liquidation; Support seen at 939.8

MCX Cotton under fresh buying; Support seen at 23334

Zinc market under fresh selling; Support seen at 166.2

Copper market under short covering; Support seen at 408.8

Technically Cardamom market is under fresh buying as market has witnessed gain in open interest by 19.72% to settled at 170 while prices up 24.8 rupees.

Now MCX Cardamom is getting support at 1363.5 and below same could see a test of 1340.7 level, And resistance is now likely to be seen at 1405.7, a move above could see prices testing 1425.1.

Cardamom on MCX settled up by 1.82% at 1386.3 as there are fears of damage to standing crops and delay in 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, 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 1340.7-1425.1.
–Cardamom prices gained as there are fears of damage to standing crops and delay in 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 gained by 149.50 rupees and settled at 1282.80 rupees.

Courtesy: Kedia Commodities            

Source: Commodityonline.com

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