| Date: |
26-03-2010 |
| Subject: |
India: Cardamom bullish on export demand |
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AHMEDABAD : Cardamom April contract has increase up by 1.26% this morning on MCX. It opened at 1310, and made high of 1325. Total volume for the day is 348 lots and open interest is around 945.
“Technically, Cardamom is bullish. One can buy it at the 1290 level with stop loss of 1260 for target of 1330,” observed Hardik Shah, Sr. Commodity Analyst with Commodity Online.
Fear of delay in the next crop due to the prolonged dry spell in the growing areas has prompted upcountry dealers to make good purchases.
Resistance for Cardamom is at 1250 and support is at 1390. Cardamom production is likely to decrease this year.
If the dry spell continues for another week, cardamom plants will wither away without irrigation facility. This may delay the next crop and also impact output, traders said.
“Fundamentally, Cardamom is in side way. One can make long position at 1200 level for long term,” added Shah.
Source : Commodity Online
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