Spices complex have victimized due to broad based selling pressure in agro commodities talks of strict government intervention triggered selling across agro commodities and spices complex suffered, pepper, jeera and Cardamom were amongst top losers where as losses in Turmeric were capped.

? Cardamom arrivals at South Indian Green Cardamom Company Ltd, Kochi auction stood at 44308 kgs and prices were down by Rs. 5 per kg. Huge discount between September and October may trigger some buying in Cardamom October contract. ? Pepper prices crashed despite of strong spot prices and international origins also remained firm.

Yesterdays fall in pepper future has nothing to do with fundamentals of the spices which still indicate that long term bullish sentiments are intact in the spice. ? Jeera prices crashed as stockiest were seen reluctant to buy stock jeera due to expectation of increase in acreage this year and exports continue to remain sluggish in the spices ?

Mentha oil last year's carry forward stock continue to weigh on prices and which may trigger some selling but it seems good levels to enter into long positions would be around Rs. 505-508.50/kgs.

? We expect some selling initially in the spices but after yesterday sharp fall we expect some bounce back in latter session and dip of 2% shall be used as good buying opportunity in pepper, jeera we continue to remain bearish.