Cardamom continues to remain the top gainers in spices complex out performing entire complex and Pepper and Jeera continued to attract lots of buying interest in yesterday’s trading session where as Turmeric seems to be losing some of its steam and Mentha oil and Chilli continues to wintness selling pressure.

Cardamom due to extreme heat conditions traders are expecting sizeable drop in production meanwhile arrivals in auction continues to remain low which also tends to push prices of the queen spices. Today’s auction arrivals areexpected to be between 30000-35000 tonnes.

Pepper strong FOB quotes from Vietnam and buying interest by exporters seems to be the main cause for the uptick in prices despite of sluggish demand. Fundamentals of commodity remain very strong and due to shortage in Indian and Vietnam, downside might get capped in pepper futures.

Jeera, arrivals in spot markets were down and bargain hunting triggered upside momentum in jeera but due to sluggish demand and expecting hike in sowing we feel fundamentals of the commodity are weak.

Chilli due to high carry forward stock and lack of buying interest in spot market prices are going down.

Pepper after yesterday’s spike we recommend to go long at decline of Rs. 200-250/quintal, Chilli still looks bearish to us. Jeera we recommend to sell at rise of percent or two for the day. Cardamom looks up for the day, Mentha oil may trade sideways to down for the day.