By John GodsonCardamom prices at India’s National Commodities and Derivative Exchange (NCDEX) witnessed a bearish phenomenon. Cardamom for July delivery is now trading around Rs 746.50-775.10 per kg levels.
On Thursday, total arrival of cardamom in the auction was around 47 tons. Investors taking short position at higher prices impacted cardamom futures.
On Friday trade, cardamom rose to a high of 775.10 Rs/kg at 12.32 pm IST and is expected to trade negative in the near term. Support is at 730, 725 levels and resistance at 780 & 790, analyst said.
High rainfall activities at Kerala coast impacted cardamom futures. Low export demand also reflected prices. We expect MCX Cardamom to trade with bearish bias.
http://www.commodityonline.com/futures-trading/market-report/MCX-Cardamom-bearish-support-at-725-levels-30245.html
On Thursday, total arrival of cardamom in the auction was around 47 tons. Investors taking short position at higher prices impacted cardamom futures.
On Friday trade, cardamom rose to a high of 775.10 Rs/kg at 12.32 pm IST and is expected to trade negative in the near term. Support is at 730, 725 levels and resistance at 780 & 790, analyst said.
High rainfall activities at Kerala coast impacted cardamom futures. Low export demand also reflected prices. We expect MCX Cardamom to trade with bearish bias.
http://www.commodityonline.com/futures-trading/market-report/MCX-Cardamom-bearish-support-at-725-levels-30245.html
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