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Cardamom futures were trading lower during the morning trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the agri-commodity amid muted physical demand for cardamom in the domestic spot market.Further, sufficient supplies on higher physical arrivals from the major cardamom producing regions, too influenced the downtrend in the domestic cardamom prices.
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At the MCX, cardamom futures for November 2016 contract is trading at Rs 1295 per kg, down by 0.87 %, after opening at Rs 1309.90, against a previous close of Rs 1306.30. It touched the intra-day low of Rs 1290 (at 10:38 hours).At Kochi market, sources reported arrivals at 68613 kgs, up by 24925 kgs as compared to previous day.
Technically market is under fresh buying as market has witnessed gain in open interest by 9.88% to settled at 901 while prices up 43.2 rupee, now Cardamom is getting support at 1336.2 and below same could see a test of 1307.6 level, And resistance is now likely to be seen at 1382.2, a move above could see prices testing 1399.6.
Trading Ideas
Cardamom trading range for the day is 1307.6-1399.6.
At Kochi market, sources reported arrivals at 68613 kgs, up by 24925 kgs as compared to previous day.
Cardamom prices in spot market gained by 20.40 rupees and settled at 1216.50 rupees.
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