Cardamom To Continue Gain On Lower Level Buying
Cardamom futures rebounded from prior loss on strong demand amid weak crop estimations. The MCX cardamom for the April delivery settled the day at Rs 1049.90, up 2.36%. Cardamom futures are likely to gain further on bargain buying at lower side.
Strong arrivals in the auction weighed the sentiment in the recent trading sessions. Heavy inflow of commodity reported in the auction centers from the fourth pickings. India's cardamom output for the year 2014-2015 is expected to be lower due to the bad weather. Azhukal is the most severe fungal disease of cardamom is affecting the crop. The auction arrivals from August to so far estimated at 13,962 tonnes with average rate Rs 790 per kg as on 02nd March 2015, against 14,810 with Rs 600 a kg same period a year ago.
The MCX March Cardamom recovered from the recent low of Rs 1016 as on 28th February 2015, and ended the day at 1,049.90, up 2.36%. The open interest added 109 tonnes to 810 lots, indicating fresh buying. Technically, the counter is likely to find resistance at Rs 1060, Rs 1070 and supports at Rs 1031, Rs 1015 level.
Cardamom futures rebounded from prior loss on strong demand amid weak crop estimations. The MCX cardamom for the April delivery settled the day at Rs 1049.90, up 2.36%. Cardamom futures are likely to gain further on bargain buying at lower side.
Strong arrivals in the auction weighed the sentiment in the recent trading sessions. Heavy inflow of commodity reported in the auction centers from the fourth pickings. India's cardamom output for the year 2014-2015 is expected to be lower due to the bad weather. Azhukal is the most severe fungal disease of cardamom is affecting the crop. The auction arrivals from August to so far estimated at 13,962 tonnes with average rate Rs 790 per kg as on 02nd March 2015, against 14,810 with Rs 600 a kg same period a year ago.
The MCX March Cardamom recovered from the recent low of Rs 1016 as on 28th February 2015, and ended the day at 1,049.90, up 2.36%. The open interest added 109 tonnes to 810 lots, indicating fresh buying. Technically, the counter is likely to find resistance at Rs 1060, Rs 1070 and supports at Rs 1031, Rs 1015 level.
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