Chennai(Topmcxtips.com): Cardamom prices fell on Tuesday 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 January contract declined 0.95% to Rs. 917 per kg on Tuesday (11.45am) at the Multi Commodity Exchange (MCX).
Rupali Ambani, agri research analyst at Topmcxtips.com, said Cardamom is Bearish for short term and sideways for intra day. Support for short term is seen at 850 and resistance 960. Intra day support is seen at 902 resistance at 927, Rupali Ambani added.
As per report from traders, cardamom output is estimated to be 20000 tonnes against 22000 tonnes a year ago, and against a forecast of 14000-15000 tonnes made in June.
Added, India’s carryover stocks are expected to be around 5000 tonnes. According to the government’s third advance estimate, all India cardamom output is around 21000 tonnes in 2013-14 against 18000 tonnes the year before.
Till 2000, India used to be the largest producer of Cardamom, and thereafter, Guatemala pushed her to the second position. Cardamom cultivation is concentrated on the Western Ghats in the country; and the Western Ghats are also known as “Cardamom Hills”.
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.