MCX Aluminium may trade in a range between 147.1-153.7
Nickel market under long liquidation; Support seen at 931
NCDEX Soyabean likely to move in a range of 3161-3263
NCDEX Ref Soy Oil under short covering
MCX Crude Palm Oil under short covering; Resistance seen at 594.3
Technically Cardamom market is under long liquidation as market has witnessed drop in open interest by 0.96% to settled at 103 while prices down 14.9 rupees.
Now MCX Cardamom is getting support at 1339.6 and below same could see a test of 1334.8 level, And resistance is now likely to be seen at 1349.6, a move above could see prices testing 1354.8.
Cardamom on MCX settled down by 1.1% at 1344.5 on profit booking after prices seen supported as floods have damaged the plants over vast areas of Kerala. Kerala has been experiencing heavy rains causing floods in several districts including largest cardamom growing-Idukki.
Export of cardamom from the country during 2017-18 spurted 48% to 5,680 ton from 3,850 ton a year ago. Heavy monsoon rainfall that has caused damage to plantation thereby resulting in crop loss and downward revision of earlier made higher crop estimates.
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.
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.
Trading Ideas:
–Cardamom trading range for the day is 1334.8-1354.8.
–Cardamom prices dropped on profit booking after prices seen supported as floods have damaged the over vast areas of Kerala.
–Kerala has been experiencing heavy rains causing floods in several districts including largest cardamom growing-Idukki.
–Export of cardamom from the country during 2017-18 spurted 48% to 5,680 ton from 3,850 ton a year ago.
–Cardamom prices in spot market dropped by 16.00 rupees and settled at 1309.00 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
