Cardamom prices fell on Monday at the Multi Commodity Exchange (MCX) due to the adequate stocks availability in the physical market on account of higher supply from the producing belts of Chandausi in Uttar Pradesh.
Cardamom December contract gained 0.60% to Rs. 858 per kg on Thursday (11.50am) at MCX.
Anjali, agri research analyst at Bullionguru, said Cardamom is Bearish for short term and intra day. Support for short term is seen at 790 and resistance 910. Intra day support is seen at 850 and resistance at 868 Milan Shah added.
Last week total arrivals of cardamom for the auction were around102 tonne s with the spot price on an average quoted as Rs.779perkg.
The maximum prices stood at Rs.1033 per kg. As per report from traders,cardamom output is estimated to be 20000tonnes against 22000tonnes a year ago,and against a forecast of 14000-15000tonnes made in June.
According to the government’s third advance estimate, all-India cardamom output is around 21000 tonnes in 2013-14 against18000tonnes the year before.
Kerala (70 per cent), Karnataka (20 per cent) and Tamil Nadu (10 per cent) are the cardamom growing states in India while about 90 per cent of the produce is consumed within the nation. The important markets for cardamom in India are Vandanmendu, Bodinayakanur, Kumily, Thekkady, Kumbum and Pattiveeran Patti in Kerala.