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Cardamom Is Expected To Rise Further On Strong Demand

Capital Market/ 09:15 , Nov 15, 2012

Cardamom extended the gains for the third day as demand picked up against the weak arrivals. MCX cardamom December contract ended the day at Rs 861.90, up Rs 7.20 or 0.84% from the last close. 

The average auction rate stood at Rs 761.80 a kg, arrivals and offtakes stood at 42149 kgsin today's auction at CPMC. 

India's crop is projected lower over last year and short fall in the local arrivals is expected in mid December -January period. Cardamom is expected to bounce back in medium term, when arrivals slumps in auctions and on pick up in export orders. Guatemala's crop with carry over stocks estimated around 34 thousand tonnes and some infestation will affect mainly the quality of the Guatemalan cardamom this season.

Cardamom futures jumped Rs 53.50 per 1 kg last one week lead by strong buying. MCX cardamom December contract ended the day at Rs 861.90, up Rs 7.20 or 0.84% from the last close. The open interest added 162 positions to 4,291 lots, indicating fresh buying. Technically, the counter is likely to find resistance at Rs 870-885 and supports at Rs 855-849 level.

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