Cardamom on MCX settled down by -2.03% at 1475.3 tracking weakness in spot demand amid profit booking. However upside seen limited due to restricted supplies, exporters demand and weather woes in producing centres. Exporters are still in the market hoping good export business due to prevailing high prices in global markets and lower supplies from Guatemala-the other producer. During the week under review in spot market prices of cardamom (Robin) rose to Rs 1,150-1,175 from Rs 1,100-1,125 per kg amid week supplies. Supply scenario is expected to improve this week. But, the main problem persistently affecting the trade is that only a third of the participants is still active at the auctions and in the open market trading. Harvesting trend is any indication, the total output during the current season might come to around 40 per cent of the previous crop. Exporters continued to stay active. They have bought an estimated 40-50 tonnes of exportable variety capsules last week. Arrivals last week decreased to 286 tonnes from 447 tonnes the week before. The individual auction average moved up to above Rs. 1,200 last week and was vacillating between Rs. 1,153 and Rs. 1,243 a kg. Total arrivals during the season from August 1 up to December 31, were at 10,093 tonnes and sales were at 9,551 tonnes. The individual auction average for the season as on December 31 stood at Rs. 1,068.66 a kg. Technically market is under long liquidation as market has witnessed drop in open interest by -30.02% to settled at 690 while prices down -30.6 rupee, now Cardamom is getting support at 1464 and below same could see a test of 1452.6 level, And resistance is now likely to be seen at 1492.9, a move above could see prices testing 1510.4.

Trading Ideas:

# Cardamom trading range for the day is 1452.6-1510.4.

# Cardamom prices ended with losses tracking weakness in spot demand amid profit booking.

# However upside seen limited due to restricted supplies, exporters demand and weather woes in producing centres.

# Exporters are still in the market hoping good export business due to prevailing high prices in global markets and lower supplies.

# Cardamom prices in spot market gained by 23.40 rupees and settled at 1431.50 rupees.