MTECHTIPS

MTECHTIPS:-India Cardamom: Bearish in spot; sideways to positive in futures

Cardamom sales at Idukki 's Nedungandam witnessed sales at the rate of Rs.900/Kg for MCX grade cardamom; which has turned out to be rare quantity-wise and Rs.730-740/Kg for farm grade cardamom, Thursday.The trend is bearish in spot markets even as rains have subsided, but rain clouds are looming.“If the rupee had been weak, it would have at least aided some exports. Currently, the markets are held together by festive season demand.” a trader sighed.There are no updates regarding the case that has been filed in the Kerala High Court by traders in connection with the auction issue, a Spices Board official said. The farmer community represented by a prominent farmer-activist informed that the farmers stick to their stand of 'no auctions'.“Cardamom November contract made a new low of Rs.886 in Thursday's session and exhibited a good recovery in last trading hours and closed at Rs.928.9. It is having good support and resistance at Rs.920 and Rs.955 levels respectively.” our in-house analyst noted.