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Cardamom To Open In Positive Territory (25-May-2012)

Indian-Commodity  :  Commodity-Market >> Cardamom  :  Cardamom To Open In Positive Territory
Cardamom To Open In Positive Territory
Cardamom futures are likely to trade in positive zone due to poor production estimates along with waning carryover stocks at major mandies. The MCX futures to touch Rs 1380-1390 per kg in the near term.

Traders are expecting that poor rainfall in the major cardamom growing areas such as Idukki and Kumali of Kerala might impact the cardamom plant growth severely in the current year. Traders are expecting that the total production of cardamom is likely to decline by 50-75% to around 10000-11000 tonnes in the current year.

Moreover, weak carryover stocks of around 2500 tonne at major producing mandies might also incite strong gains in the near term.

The MCX June Cardamom futures spurted by almost 4% in the last trading to close at Rs 1353 per kg . Technically, prices are likely to trade in the range of Rs 1325 -1380 per kg in the near term.
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