Cardamom on MCX settled down by -0.67% at 1438.3 on profit booking after seen supported amid increase in physical demand for cardamom in the domestic spot market. However downside seen limited on apprehensions of supplies to shrink in the coming days due to end of season. Harvesting of cardamom is over and arrivals are likely to decline in the coming days. According traders estimates, cardamom production for the current year is around 18,000 ton down from 28,000 tons a year ago showing a fall of 35.7% on year. In Delhi spot market prices of cardamom (Robin quality) remained unchanged at Rs 1,325-1,350 per kg amid weak demand from Uttar Pradesh- largest buyer-because of assembly elections. India exported 1,625 ton cardamom during Apr-Sept versus 2,026 ton a year ago. Exports of small cardamom during April-September 2016 have dropped by 20 per cent in volume and 22 per cent in value realisation from that of the same period the last fiscal. Shipments during the first six months of the current financial year stood at 1,625 tonnes valued at Rs. 139.25 crore against 2,026 tonnes valued at Rs. 179.32 crore in the corresponding period in 2015-16, according to Spices Board sources. At auction conducted in Bodi by Cardamom Planters Association (CPA) Santhanpara, 18 tonnes of cardamom arrived and of this 13.8 tonnes were traded. Technically market is under fresh selling as market has witnessed gain in open interest by 13.3% to settled at 409 while prices down -9.7 rupees, now Cardamom is getting support at 1425.5 and below same could see a test of 1412.6 level, And resistance is now likely to be seen at 1457, a move above could see prices testing 1475.6.

Trading Ideas:

# Cardamom trading range for the day is 1412.6-1475.6.

# Cardamom prices dropped on profit booking after seen supported amid increase in physical demand

# However downside seen limited on apprehensions of supplies to shrink in the coming days due to end of season.

# Harvesting of cardamom is over and arrivals are likely to decline in the coming days.

# Cardamom prices in spot market dropped by 15.80 rupees and settled at 1452.50 rupees.