Cardamom on MCX settled up by 0.59% at 1270.6 on short covering tracking firmness in spot demand after prices dropped amid reports of higher supplies of imported variety. However prices were further 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. Individual auction average slipped and it was vacillating between Rs. 1,047 and Rs. 1,193 a Kg. Total arrivals during the season from August 01 up to April 8, 2017 were at 15,247 tonnes and sales stood at 14,466 tonnes. The individual auction average for the season as on April 8, 2017 was at Rs. 1,150.77 a kg. 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. Technically market is under fresh buying as market has witnessed gain in open interest by 4.55% to settled at 850 while prices up 7.4 rupees, now Cardamom is getting support at 1262.8 and below same could see a test of 1255 level, And resistance is now likely to be seen at 1281.2, a move above could see prices testing 1291.8.

Trading Ideas:

Cardamom trading range for the day is 1255-1291.8.

Cardamom prices gained on short covering tracking firmness in spot demand after prices dropped amid reports of higher supplies of imported variety.

However prices were further unlikely to improve in the coming week due to accumulation of imported stocks.

India exported 3,000 ton cardamom during Apr-Dec down from 3,825 on a year ago, data from Spices Board showed.

Cardamom prices in spot market dropped by 6.90 rupees and settled at 1373.20 rupees.