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Sunday, November 28, 2021

MCX Cardamom under long liquidation; Resistance seen at 1323.5

Aluminium market under short covering; Support seen at 143.9

MCX Cotton likely to move in a range of 23110-23430

NCDEX Jeera may trade between 18685-20085 levels

Long liquidation seen in NCDEX Turmeric

NCDEX Mustard Seed under fresh selling; Support Seen at 4059

Technically Cardamom market is under long liquidation as market has witnessed drop in open interest by 1.45% to settled at 136 while prices down 24.6 rupees.

Now MCX Cardamom is getting support at 1286.6 and below same could see a test of 1271.4 level, And resistance is now likely to be seen at 1323.5, a move above could see prices testing 1345.2.

Cardamom on MCX settled down 1.85% at 1301.8 on profit booking after prices seen supported as floods have damaged the plants over vast areas of Kerala.  Kerala has been experiencing heavy rains causing floods in several districts including largest cardamom growing-Idukki.

Export of cardamom from the country during 2017-18 spurted 48% to 5,680 ton from 3,850 ton a year ago. Heavy monsoon rainfall that has caused damage to plantation thereby resulting in crop loss and downward revision of earlier made higher crop estimates.

Arrivals of the new crop of cardamom have started at the auction centres in Bodinayakanur in Tamil Nadu and Vandanmedu in Kerala. Around 25 tn of new arrivals are coming at auctions daily, which is 25-30% of the total arrivals.

Heavy showers for a prolonged period have led to fungal diseases in plantations. As of Monday, plantations spread over 1,337.60 ha in Kerala’s Idukki district had been damaged, according to the state’s farm department.

Export of cardamom from the country during 2017-18 spurted 48% to 5,680 ton from 3,850 ton a year ago. Volume wise exports recorded a growth of 45% at Rs 6.09 billion though average per unit prices were down, data from Spices Board showed.

Trading Ideas:
–Cardamom trading range for the day is 1271.4-1345.2.
–Cardamom prices dropped on profit booking after prices seen supported as floods have damaged the plants over vast areas of Kerala.
–Kerala has been experiencing heavy rains causing floods in several districts including largest cardamom growing-Idukki.
–Export of cardamom from the country during 2017-18 spurted 48% to 5,680 ton from 3,850 ton a year ago.
–Cardamom prices in spot market dropped by 22.50 rupees and settled at 1255.50 rupees.

Courtesy: Kedia Commodities              

Source: Commodityonline.com

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