MCX Crude Oil may trade between 5319-5643 levels
MCX Natural Gas likely to move in a range of 237.4-252.6
MCX Copper likely to move in a range of 454.1-466.7
MCX Zinc under long liquidation
MCX Nickel likely to move in a range of 928.6-968.2
Technically Cardamom market is under fresh selling as market has witnessed gain in open interest by 8.43% to settled at 180 while prices down 2.8 rupees.
Now MCX Cardamom is getting support at 1353.4 and below same could see a test of 1338.7 level, And resistance is now likely to be seen at 1386.4, a move above could see prices testing 1404.7.
Cardamom on MCX settled down by 0.2% at 1368 on profit booking after prices gained 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.
Related Post
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 1338.7-1404.7.
–Cardamom prices dropped on profit booking after prices gained because of heavy loses to crop due to recent floods and good export hopes.
–Despite last year’s record exports, exports in the current year are likely to be affected due to strict measures by Saudi Arabia due to pesticide issue.
–Around 25 tn of new arrivals are coming at auctions daily, which is 25-30% of the total arrivals.
–Cardamom prices in spot market gained by 31.50 rupees and settled at 1340.70 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
