MCX Nickel may trade between 806.5-864.5 levels
MCX Aluminium under fresh selling; Support seen at 141.7
Zinc market under long liquidation; Support seen at 183.3
Copper market under fresh selling; Support seen at 428
MCX Menthol Oil under short covering
Technically Cardamom market is under fresh selling as market has witnessed gain in open interest by 3.82% to settled at 163 while prices down 14.7 rupees.
Now MCX Cardamom is getting support at 1454.4 and below same could see a test of 1446.2 level, And resistance is now likely to be seen at 1472.4, a move above could see prices testing 1482.2.
Cardamom on MCX settled down 1% at 1462.6 tracking weakness in spot demand amid profit booking after prices gained due to heavy losses 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 1446.2-1482.2.
–Cardamom dropped tracking weakness in spot demand amid profit booking after prices gained due to heavy losses to crop due heavy losses to crop
–Export of cardamom from the country during 2017-18 spurted 48% to 5,680 ton from 3,850 ton a year ago.
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 18.30 rupees and settled at 1347.10 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
