MCX Cardamom Dec contract extended gains for a second straight day and touched level of 739.3. Prices hit buyer circuit level of 4% following buying interest among local traders. Important support level for cardamom is seen at 725 and resistance is at 750. Cardamom likely to trade with bullish bias in near term.
NMCE Rubber opened sharply higher on Thursday and closed at 10634 despite prices falling below support at 10500. Prices are likely to enter in a consolidation phase if prices fail to break below the current support zone of 10460-10500. Intraday bias to be neutral for the commodity.
Precious Metals
Silver futures at MCX is also likely to trade with sideways bias today. MCX Silver for delivery in December has an intraday support of 33400. Intraday resistance for the commodity is likley to be seen around 34200 levels.
Base Metals
At Multi Commodity Exchange (MCX) Nickel futures is expected to trade on a sideways to bullish note today. MCX Nickel for delivery in November has an intraday support of 594. Intraday resistance for the commodity is likely to be seen at 594 levels.
The inventories data was followed by a report from oil field services firm Baker Hughes showing US oil drilling rigs in operation fell by nine to 555, indicating an ease in activities.