Cardamom on MCX settled up by 0.42% at 1179.4 amid uptick in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions also added support to cardamom prices uptrend. North Indian dealers were actively covering while the exporters were also showing interest to buy. Sharp fall in output during the current season is said to have created a bullish sentiment in the market. Exporters were estimated to have bought around 80 tonnes of exportable grade capsules atRs. 1,050-1,100. Arrivals at the auctions last week dropped to 565 tonnes from 625 tonnes 635 tonnes the previous week. Harvesting is in full swing now in all the estates and according to the trade in Bodinayakannur 75 per cent of the capsules arrived was from the new crop and that was fetching good price while the remaining 25 per cent from the previous crop was fetching comparatively low price. Unlike in the normal season only three round of picking is likely to take place this season as the harvesting has started after a three-month delay. Arrivals at the auctions last week dropped to 625 tonnes from 635 tonnes the previous week. Weather conditions continued to remain unfavourable as the region was not receiving the usual rainfall, growers in Idukki said. Technically market is under short covering as market has witnessed drop in open interest by -0.63% to settled at 789 while prices up 4.9 rupee, now Cardamom is getting support at 1169.6 and below same could see a test of 1159.8 level, And resistance is now likely to be seen at 1194.6, a move above could see prices testing 1209.8.

Trading Ideas:

Cardamom trading range for the day is 1159.8-1209.8.

Cardamom prices gained amid uptick in physical demand for cardamom in the domestic spot market.

Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions also added support to cardamom prices uptrend.

North Indian dealers were actively covering while the exporters were also showing interest to buy.

Cardamom prices in spot market gained by 4.90 rupees and settled at 1141.70 rupees.