MCX Copper may trade between 418.1-437.1 levels
Natural Gas market under fresh selling; Support seen at 190.9
MCX Crude Oil may trade in a range between 4636-4864
Silver market under fresh selling; Support seen at 38069
MCX Cotton under fresh buying; Support seen at 23954
Technically Cardamom market is under fresh selling as market has witnessed gain in open interest by 1.67% to settled at 122 while prices down 5.1 rupees.
Now MCX Cardamom is getting support at 1087.2 and below same could see a test of 1081.1 level, And resistance is now likely to be seen at 1102.2, a move above could see prices testing 1111.1.
Cardamom on MCX settled down by 0.46% at 1093.3 on profit booking after prices gained 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 1081.1-1111.1.
–Cardamom dropped on profit booking after 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 dropped by 3.50 rupees and settled at 1106.50 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
