Cardamom on MCX settled up by 2.01% at 1434.3 on account of good buying support from both exporters and upcountry buyers. Supply continued to show a shrinkage following the continued dry spell. Harvesting is nearly complete and hence arrivals are unlikely to pick up. Exporters and north Indian dealers have slowed down because of the higher prices. 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 Kochi market estimated market supply was at 24588 kgs, lower by 20910 kgs as compared to previous day. At Singtam market , Cardamom Badadana is trading at Rs. 750 per kg, unchanged as compared to previous close. Cardamom Chotadana is offered at Rs. 675 per kg, unchanged against previous close. Cardamom Badadana at Gangtok market is quoted at Rs. 750 per kg, steady as against previous close. Cardamom Chotadana at Gangtok market is offered weak at Rs. 670 per kg, down by 0.74 per cent as compared to previous day. Cardamom Badadana at Siliguri market is trading at Rs. 800 per kg, steady against previous close. Technically market is under fresh buying as market has witnessed gain in open interest by 3.4% to settled at 699 while prices up 28.3 rupees, now Cardamom is getting support at 1413.8 and below same could see a test of 1393.4 level, And resistance is now likely to be seen at 1446.8, a move above could see prices testing 1459.4.

Trading Ideas:

Cardamom trading range for the day is 1393.4-1459.4.

Cardamom prices ended with gains on account of good buying support from both exporters and upcountry buyers.

Supply continued to show a shrinkage following the continued dry spell.

At Kochi market estimated market supply was at 24588 kgs, lower by 20910 kgs as compared to previous day.

Cardamom prices in spot market gained by 13.80 rupees and settled at 1467.00 rupees.