Technically Cardamom is under fresh buying as market has witnessed gain in open interest by 11.54% to settled at 319 while prices up 33.7 rupees.
Now Cardamom is getting support at 1123.4 and below same could see a test of 1095.5 level, And resistance is now likely to be seen at 1170.8, a move above could see prices testing 1190.3.
Cardamom on settled up 3.02% at 1151.4 on strong demand despite higher arrivals at auctions held in Kerala and Tamil Nadu.
Total arrivals last week were up at 892 tonnes last week from 707 tonnes the previous week. The individual auction average has moved up to Rs. 936.32 a kg last week from Rs. 906.32 the previous week.
Depleting inventories in the upcountry markets coupled with buying support from consuming centres could be attributed to the rise in demand.
Added to this, the current season’s peak harvesting time is over and hence there exists a fear about squeeze in availability of quality material in the coming days.