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Wednesday, August 17, 2022

MCX Cardamom under fresh buying; Support Seen at 1438.4

Aluminium market under short covering; Support seen at 146.2

Nickel market under fresh selling; Resistance seen at 896.6

MCX Zinc under fresh selling; Support seen at 172.8

MCX Cotton market under short covering; Support seen at 22736.6

NCDEX Jeera under fresh selling; Resistance seen at 19555

Technically Cardamom market is under fresh buying as market has witnessed gain in open interest by 6.69% to settled at 255 while prices up 19.5 rupees.

Now MCX Cardamom is getting support at 1438.4 and below same could see a test of 1429.2 level, And resistance is now likely to be seen at 1453.4, a move above could see prices testing 1459.2.

Cardamom on MCX settled up 1.37% at 1447.5 because of heavy loses to crop due to recent floods and good export hopes after the steep fall in rupee. Though there is a concern about demand from UAE due to strict pesticide rule, demand from other countries is likely to be robust because of fall in rupee.

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.

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. 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 1429.2-1459.2.
–Cardamom prices gained because of heavy loses to crop due to recent floods and good export hopes after the steep fall in rupee.
–Arrivals of the new crop of cardamom have started at the auction centres in Bodinayakanur in Tamil Nadu and Vandanmedu in Kerala.
–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 gained by 14.40 rupees and settled at 1351.40 rupees.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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