MUMBAI(Topmcxtips.com): Cardamom prices fell on Wednesday 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 fell 0.60% to Rs. 834 per kg on Wednesday (11.30am) at MCX.
Sanjeev Mathur, agri research analyst at Topmcxtips, said Cardamom is Bearish for short term and intra day. Support for short term is seen at 760 and resistance 960. Intra day support is seen at 810 and resistance at 870, Sanjeev Mathur added.
On Tuesday, total arrivals of cardamom for the auction were around 102 tonnes with the spot price on an average quoted as Rs.779 per kg. The maximum price stood at Rs.1033 per kg.
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.