Due to sluggish domestic and export demand, spices complex witnessed healthy correction and only cardamom and mentha oil bucked the bearish trend in spices complex and were marginally up.

Arrivals in The Cardamom Processing & Marketing Co-Operative Society Ltd, Kumily stood at 25490kgs. Arrivals tend to be higher during this period but planters are expecting the crop will be down by 5-10%.

Pepper prices were down by 1% due to lower quotes coming from Brazil, despite of the fact Indian and Vietnam FOB prices for ASTA grade was strong prices corrected. Further correction of 1-2% shall make pepper attractive for going long.

Jeera corrected because of its bearish fundamentals such as sluggish exports, high carry forward stock and expectation of surge in acreage may result in further downslide in Jeera.

Turmeric spot prices were down by Rs. 100/quintal as stockiest were reluctant to buy at higher levels and revival in rainfall in Andhra Pradesh might boost the yield of Turmeric were the main reason for it to go down.

Outlook for the day for spices especially for jeera and chilli is selling on rise we may see prices may correct as demand concerns are weighing on these two spices. As far as pepper is concern we still remain optimistic about the spices, we continue to buy pepper at dips rather than going short for Rs. 150-200/quintal. Cardamom October contract can be bought between Rs. 823-825/kg during the day and mentha oil we continue to remain bullish on the commodity.