Intraday MCX Tips

Cardamom gained on short covering lead by strong local demand against the weak arrivals in the local market over the same period last year. The MCX cardamom December contract ended the day at Rs 943.50, up Rs 36.40 or 4% from the last close.
As per the latest updates from the Spices Board of India, the average pricesof cardamom in the auction held at STCL, Kumily on Monday (as on 26th November2012) stood at Rs 839.42 and maximum price was at Rs 1058 per kg. The arrivalsand offtakes stood at 22470 kg. The average price in the previous auction was Rs832.52 per kg, meanwhile arrivals and offtakes stood at 96560 kg.
India's crop is projected lower over last year and short fall in the local arrivals is expected in mid December -January period. Cardamom is expected to bounce back in medium term, when arrivals slumps in auctions and on pick up in export orders. Guatemala's crop with carry over stocks estimated around 34 thousand tonnes and some infestation will affect mainly the quality of the Guatemalan cardamom this season. Guatemala produced a record of 10,000 tons of cardamom in the month of October 2012. Never before on the history of cardamom, Guatemala had produced so much cardamom in one month. This is 40 % of the total production of Guatemala three years back. Guatemala cardamom harvesting runs through October till June next year.

Cardamom gained Rs 165 per 1 kg in November lead by strong fundamentals. Cardamom dipped around Rs 70 per 1 kg in the last two sessions from the high of Rs 977.20. Cardamom December contract ended the day at Rs 943.50, up Rs 36.40 or 4% from the last close. The open interest dipped 100 lots to 3,827 lots, indicating profit taking.

MCX Crude Oil Tips

Crude oil futures continued to trade lower in Asia electronic session today as Tropical Cyclone Sandy shut East Coast refineries, roads and airports, reducing crude and fuel demand in the world's largest oil consumer.

Fuel supply into the region almost ground to a halt as Sandy, one of the biggest storms ever to hit the United States, forced the closure of two-thirds of the region's refineries, its biggest pipeline, and most major ports.

WTI crude oil futures for December edged down 25 cents to $85.29 in Asia electronic session today.

The national average retail price of regular gasoline fell 11.9 cents a gallon to a three-month low of $3.568 a gallon in the week ended Monday, the Energy Information Administration said. The 3.2% drop in the week put the price at the lowest since July 30.

Global markets were subdued on the closure of New York stock exchanges, with Asian shares making modest gains. Sandy battered the U.S. East Coast, prompting the closure of air, ship, rail and even highway services, and knocked out power to more than 2.8 million homes and businesses in the region.

Sandy will close U.S. stock markets for a second day on Tuesday, as Wall Street turned its attention to whether markets would be able to resume functioning for the month's final trading day on Wednesday.

The American Petroleum Institute said on Monday it has not delayed the release of its weekly petroleum stocks report yet, but it will continue to assess conditions.

MCX November crude futures may open today’s session near Rs 4650 levels with support around Rs 4600 levels.