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Cardamom Ends Lower As Strong Arrivals Triggers Selling

Capital Market/ 17:49 , Dec 09, 2013

Cardamom futures ended with losses trigged short selling activities on strong availability. The MCX January delivery ended the day at Rs 720, down Rs 4.60 or 0.63% from last close. The average rate at the auction held in Cardamom Planters' Association, Santhanpara stood at Rs 539 a kg, meanwhile, the arrivals and Offtakes were reported at 53.93 tonnes and 48.20 tonnes respectively. 

The harvesting of the new crop had just started in Guatemala. Crop size is similar to last year. The prices of the greens had been reduced somewhat, as it is now peak harvesting season of the green cardamoms. The overall arrivals in the auctions in India so far 25th of November are estimated at 8,541 tonnes, against 3,514 tonnes same period last day. Indian crop also better on favorable weather this year and the next picking is just starting. 

Cardamom futures failed to sustain even the small recovery as selling emerged in the counter by speculators. Cardamom futures decreased Rs 20 a kg in the last four trading sessions. The MCX January delivery ended the day at Rs 724.60, down Rs 0.30 or 0.04% from last close and the open interest added 35 tonnes to 2,376 tonnes, indicating short selling.

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