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Saturday, August 13, 2022

MCX Cardamom under fresh buying; Resistance seen at 1478.4

MCX Nickel may trade between 881.3-914.3 levels

MCX Aluminium likely to move in a range of 144.3-154.5

MCX Mentha Oil may trade between 1776.1-1832.5 levels

MCX Cotton under fresh buying; Support seen at 23010

NCDEX Jeera likely to move in a range of 19210-19710

Technically Cardamom market is under fresh buying as market has witnessed gain in open interest by 0.39% to settled at 256 while prices up 13.5 rupees.

Now MCX Cardamom is getting support at 1443.4 and below same could see a test of 1425.7 level, And resistance is now likely to be seen at 1478.4, a move above could see prices testing 1495.7.

Cardamom on MCX settled up by 0.93% at 1461 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 1425.7-1495.7.
–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 35.60 rupees and settled at 1387.00 rupees.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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