Stockiest selling might resume in cardamom futures in today's trading on the account of strong arrivals in major mandies along with weak demand by exporters.
The MCX futures pared more than 1 per cent in the last trading.
The MCX futures pared more than 1 per cent in the last trading.
As per the market data, most of the auction centres in Kochi have reported the gain of over 17000 kgs in the last week to reach 86500 kgs.
This was mainly due to timely rainfall in some parts of the Kerala.
Moreover, traders also estimated the fresh arrivals of cardamom will start from the first week of June.
This was mainly due to timely rainfall in some parts of the Kerala.
Moreover, traders also estimated the fresh arrivals of cardamom will start from the first week of June.
Traders also revealed that timely monsoon rainfall in the current year in the major cardamom growing areas along with rise in the acreage is likely to increase the overall cardamom production in the current year.This has might also add some negative sentiments in the cardamom market.
The MCX June Cardamom futures pared Rs 10.3 per kg in the last trading to close at Rs 733 per kg.
The MCX contract added 8 per cent in open interest indicating short position by traders.
Technically, selling is likely to emerge from 748-755 levels while supports are likely at 715-718 levels in the near term.
The MCX contract added 8 per cent in open interest indicating short position by traders.
Technically, selling is likely to emerge from 748-755 levels while supports are likely at 715-718 levels in the near term.
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