Cardamom outperforms Spices complex

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Cardamom futures at MCX traded positive and tested Rs.1000 per kg levels in intraday trade on lack of supply and strong demand at spot market. Prices are trading at Rs.996 per kg up by 2.24% now. However all trend for Cardamom still looks positive on firm demand.

Jeera and Dhaniya futures dropped by almost 0.50% and 1.0% respectively on lack of demand seen by traders. Open interest for Jeera, Dhaniya and Turmeric has rise 1.0%, 4.95% and 5.0% respectively in today‚Äôs trade. Open interest for all three commodities indicates that new short position has been built up in today’s trade and could pressure prices to fall further.

Immediate support and resistance for Cardamom are Rs.970 per kg and Rs.1050 per kg. However, Rs.1050/kg is expected only if prices are sustaining above Rs.1000/kg.

Support for Jeera, Dhaniya and Turmeric are Rs.18300 per quintal, Rs.8000 per quintal and RS.8000 per quintal while resistance for the same could see around Rs.19050/quintal, Rs.8190/quintal and 8180/quintal.

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