Cardamom On MCX Settled Down By -2.39%

Cardamom on MCX settled down by -2.39% at 951.7 on late profit booking after prices gained following a decline in arrivals. Harvest is expected to begin by this month-end and growers feel that if rains don’t intensify, production will be less than anticipated.

Last year, cardamom output was down by 50 per cent at 15,000 tonnes. The current spell of rains in Kerala and Tamil Nadu brightened the crop prospects for the next year.

Monsoon arrived in Kerala before time and covered the entire state-largest cardamom producer. Producing areas of Tamil Nadu too got good rains. Hopes of early commencement of new crop supplies too dampened the sentiment.

Lower arrivals due to fag end of season and demand for Ramzan may push the prices up but upgraded monsoon forecasts and hopes of higher output in next season may limit the gains. India exported 3,000 ton cardamom during Apr-Dec down from 3,825 ton a year ago, data from Spices Board showed.

The small cardamom prices crossed Rs. 1,000 a kg at the auction at Puttady in Kerala's Idukki after dropping and vacillating between Rs. 820 and 900 for a month. At the auction conducted by South Indian Green Cardamom Company Ltd, Kochi a total of 35.8 tonnes arrived and the entire quantity traded. The maximum price stood at Rs. 1,247 and the auction average was at Rs. 1,012.88.

Technically market is under fresh selling as market has witnessed gain in open interest by 17.15% to settled at 403 while prices down -23.3 rupees, now Cardamom is getting support at 936 and below same could see a test of 920.2 level, And resistance is now likely to be seen at 977.4, a move above could see prices testing 1003.
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