Dealing Room Check

Cardamom futures staged a strong rally last week on the MCX. A pick-up in the spot market and strong export demand, amid supply concerns, supported prices. Cardamom February futures contract made a high of ₹1,530 per kg before closing at ₹1,495 per kg, 6.2 per cent higher for the week.

At spot markets, prices traded higher in the range between ₹1,288 and ₹1,413 per kg, higher by ₹135-170 per kg while the maximum price that the superior quality cardamom fetched was ₹1,649 per kg, which was higher by ₹173 per kg, compared to the previous week’s maximum price.

For the week ahead, cardamom futures are expected to continue their bullish trend, tracking supply-side concerns. However, since the contract has gained over 8 per cent over the last couple of weeks, there is a possibility of seeing profit booking at higher levels.

On the other hand, in the spot market, buying is expected to slow down slightly and supplies to increase due to higher prices.

The writer is Head-Commodity Research, Karvy Comtrade

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