Short covering seen in MCX Zinc
MCX Gold may trade in a range between 30423-30805
MCX Aluminium under fresh buying; Support seen at 143.3
MCX Mentha Oil under short covering
NCDEX Castor under fresh buying; Support seen at 4371
Technically Cardamom market is under fresh buying as market has witnessed gain in open interest by 0.53% to settled at 189 while prices up 14 rupees.
Now MCX Cardamom is getting support at 1035.9 and below same could see a test of 1020.6 level, And resistance is now likely to be seen at 1060.7, a move above could see prices testing 1070.2.
Cardamom on MCX settled up 1.35% at 1051.1 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.
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.
Related Post
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 1020.6-1070.2.
–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 3.90 rupees and settled at 1037.80 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
