MUMBAI (Commoditiescontrol) - Pre-monsoon shower is not yet started in Idukki and surrounding areas as expected. It can be attributed to recent forecast on El Nino.
Due to the same, the price of cardamom is not coming down from the prevailing higher levels. In MCX, futures trade for cardamom is very limited. At the prevailing higher price levels, speculators are reluctant to enter trading.
During the week, cardamom arrivals in auction centres stood at 230 MT. The average price of cardamom is ranging bound between INR 1620-1650 per kg levels.
As per the detailed analysis of auction trade, the majority of the trade happened between INR 1450-1500 per kg levels (31% of the total trade), followed by INR 1500-1550 per kg levels (22% of the total trade). If rainfall reported well in coming days, the price may come down from the current levels.
Also, the next season crop is highly depends on pre-monsoon shower.
MCX Cardamom continued to stay strong and settled around 1690 in May contract. Cardamom may move higher towards 1750-1800 going forward. Strong support is seen at around 1650 and then at 1600. Buy on dips preferred as the main trend is up due to lack of rains in kerala, which may hamper the crop prospects.
(By Commoditiescontrol Bureau)
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