MCX Zinc under long liquidation; Support seen at 185
MCX Nickel likely to move in a range of 952.9-999.5
Natural Gas may trade between 193.2-200.6 levels
MCX Mentha Oil under fresh buying; Resistance seen at 1363.6
MCX Aluminium under fresh buying; Support seen at 143
Technically Cardamom market is under fresh buying as market has witnessed gain in open interest by 2.17% to settled at 188 while prices up 11.1 rupees.
Now MCX Cardamom is getting support at 1030.2 and below same could see a test of 1023.2 level, And resistance is now likely to be seen at 1044, a move above could see prices testing 1050.8.
Cardamom on MCX settled up by 1.08% at 1037.1 tracking firmness in spot demand despite of reports of bumper output on the back of favourable weather amid poor stocks of quality goods.
There has been raining in the producing centres of Kerala and present weather is conducive to the coming crop.
Related Post
Spice Board cut the number auctions due to falling arrivals at the auction centres. Producing centres of Kerala are getting good rains and monsoon is also expected to hit Kerala coast three days before schedule.
India exported 4,180 ton cardamom valued at Rs 4.56 billion during April-December 2017, data from Spices Board showed. Cardamom will be auctioned once every day at e-auction centres in Tamil Nadu’s Bodinayakanur and Kerala’s Puttady from Monday till Jun 30, the Spices Board India said.
The board has reduced the auctions per week to six from 12 because growers’ organizations complained that “Cardamom lots of small growers are pushed back, half day auctions are extending up to late evening and traders are not getting sufficient time to get their cardamom samples evaluated to fix the quality.
The small cardamom prices showed an easier/ steady trend after remaining firmer last week. As the prices moved up in recent days those holding the capsules have started releasing in good quantity and that coupled with the comparatively inferior quality of the material has pushed the prices down.
Trading Ideas:
–Cardamom trading range for the day is 1023.2-1050.8.
–Cardamom settled up tracking firmness in spot demand despite of reports of bumper output on the back of favourable weather.
–There has been raining in the producing centres of Kerala and present weather is conducive to the coming crop.
–Producing centres of Kerala are getting good rains and monsoon is also expected to hit Kerala coast three days before schedule.
–Cardamom prices in spot market gained by 10.30 rupees and settled at 1033.90 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
