Cardamom on MCX settled up 0.55% at 1075.7 as new season arrivals have been limited affected by the dry weather in the cardamom growing regions of Kerala. Good demand for the domestic market as well as for exports are driving the prices higher. However there are reports that recent rains in Kerala have improved the crop prospects for the current as well as for the next year. There also reports that new arrivals would soon pick up in Guatemala- the other producing country.
Technically market is under fresh buying as market has witnessed gain in open interest by 5.93% to settled at 429 while prices up 5.9 rupees, now Cardamom is getting support at 1068.9 and below same could see a test of 1062.2 level, And resistance is now likely to be seen at 1082.1, a move above could see prices testing 1088.6.
Trading Ideas:
* Cardamom trading range for the day is 1062.2-1088.6.
* Cardamom gained as new season arrivals have been limited affected by the dry weather in the cardamom growing regions of Kerala.
* However there are reports that recent rains in Kerala have improved the crop prospects for the current as well as for the next year.
* There also reports that new arrivals would soon pick up in Guatemala- the other producing country.
* Cardamom prices in spot market dropped by 7.50 rupees and settled at 1020.00 rupees.
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