Cardamom spurted further on the report of strong export demand
Cardamom spurted further on the report of strong export demand. The spice continued it`s up trend for the sixth consecutive trading sessions with the futures hitting upper circuit in the last two sessions.MCX Cardamom for the February delivery ended the day at Rs 787.40, up Rs 30.20 or 3.99%. Technically, the counter is at overbought position as on Thursday close (the 14-day RSI is at 85 levels) and so a pull back can be expected in the coming sessions. Therefore, further acquisition of long positions should be careful.
As per the latest spices export data released by the spices board of India, India exported small Cardamom of 1,805 MT valued at Rs. 144.35 crore during the period April to November 2013, jumped 38% and 22% respectively in volume and value of exports. Indian crop also better on favorable weather this year and the next picking is just starting. The overall arrivals in the auctions in India so far 20th January 2014 are estimated at 13,264 tonnes, against 6,787 tonnes same period last year. The harvesting of the new crop had just started in Guatemala. Crop size is similar to last year.
