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Cardamom slumped for the second day on the back of strong arrivals in the auctions. The MCX Cardamom December contract ended the day at Rs 828, down Rs 11.70 or 1.39% from the last close.
As per the latest updates from the Spices Board of India, the average prices of cardamom in the auction held at Mas Enterprises, Vandanmettu on Friday (as on 16th November 2012) stood at Rs 738.67 and maximum price was at Rs 981 per kg. The arrivals and offtakes stood at 54890 kg and 52768 kg respectively. The average price in the previous auction was Rs 734.34 per kg, meanwhile arrivals and offtakes stood at 67961 kg and 66925 kg respectively.
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. However, failed to hold on to the gains as the counter
dipped thereafter in the last two sessions with the counter dropped to a week low at Rs 821.50 a kg. December contract ended the day at Rs 828, down Rs 11.70 or 1.39% from the last close. The open interest dipped 74 lots, indicating long liquidations.
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India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.