Cardamom on MCX settled down by -2.89% at 1240.2 due to lack adequate support from stockists amid reports of higher supplies of imported variety. Prices are unlikely to improve in the coming week due to accumulation of imported stocks. Arrivals at the auction centres continued to shrink as the season has come to an end and number auctions have been cut in the absence of sufficient quantity. India exported 3,000 ton cardamom during Apr-Dec down from 3,825 on a year ago, data from Spices Board showed. 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. Though the south-west monsoon was declared “normal” last year after two consecutive years of drought, the cardamom growing areas received poor rains. Cardamom farmers say the monsoon was very bad and about 50 per cent deficient. A failed north-east monsoon also added to the crop worry. Technically market is under fresh selling as market has witnessed gain in open interest by 35.25% to settled at 775 while prices down -36.9 rupees, now Cardamom is getting support at 1228.6 and below same could see a test of 1217.1 level, And resistance is now likely to be seen at 1258.3, a move above could see prices testing 1276.5.
Cardamom trading range for the day is 1217.1-1276.5.
Cardamom dropped due to lack adequate support from stockists amid reports of higher supplies of imported variety.
Prices are unlikely to improve in the coming week due to accumulation of imported stocks.
Arrivals at the auction centres continued to shrink as the season has come to an end.
Cardamom prices in spot market dropped by 0.60 rupees and settled at 1385.90 rupees.