Cardamom on MCX settled down by -1.86% at 1447.4 tracking weakness in spot demand despite of tight stocks, declining supplies and adverse weather conditions. Harvesting of cardamom is almost over and arrivals may come down further in the coming days. Cardamom prices are likely to trade range bound to firm for the coming couple of weeks. 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) fell by Rs 25 at Rs 1,325-1,350 per kg due to lack of 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. At auction conducted in Bodi by Cardamom Planters Association (CPA) Santhanpara, 18 tonnes of cardamom arrived and of this 13.8 tonnes were traded. The auction average was at Rs. 1,344 a kg, while the maximum price stood at Rs. 1,451 a kg. Arrivals last week dropped to 338 tonnes from 411 tonnes the week before. The last week auction average moved up to Rs. 1,377.27 a kg from Rs. 1,351.71 the previous week and was vacillating between Rs. 1,351 and Rs. 1,389 a kg. Total arrivals during the season from August 1 to January 21 were at 11,235 tonnes and sales were at 10,670 tonnes. Technically market is under fresh selling as market has witnessed gain in open interest by 8.54% to settled at 737 while prices down -27.5 rupees, now Cardamom is getting support at 1433.6 and below same could see a test of 1419.8 level, And resistance is now likely to be seen at 1470.6, a move above could see prices testing 1493.8.

Trading Ideas

# Cardamom trading range for the day is 1419.8-1493.8.

# Cardamom dropped tracking weakness in spot demand despite of tight stocks, declining supplies and adverse weather conditions.

# Harvesting of cardamom is almost over and arrivals may come down further in the coming days.

# 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.

# Cardamom prices in spot market dropped by 3.30 rupees and settled at 1479.00 rupees.