MCX Cardamom Further Down On Long Liquidation

Cardamom plunged for fourth day on long liquidation amid strong arrivals. The MCX cardamom for the March delivery settled the day at Rs 1114.40, down 1.59% over the last close. Cardamom looks downside in next few sessions as long liquidation is going on.

Strong arrivals in the auction weighed the sentiment in the recent trading sessions. Heavy inflow of commodity reported in the auction centers from the fourth pickings. India`s cardamom output for the year 2014-2015 is expected to be lower due to the bad weather. Azhukal is the most severe fungal disease of cardamom is affecting the crop. The auction arrivals so far estimated at 12156 tonnes with Rs 776 per kg against 12787 with Rs 592 a kg.

Cardamom futures surged above Rs 1,100 per 1 kg twice this year on strong export demand amid projected lower crop in the current season. The counter settled the day at Rs 1114.40, down 1.59% over the last close and the open interest dipped 67 tonnes to 1436 tonnes, indicating long liquidations. Technically, the counter is likely to find support at Rs 1100, Rs 1090 and resistance at Rs 1120, 1134 level.
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