Spices market was mixed yesterday with Jeera and Cardamom managed to end the day with gains whereas rest of them were trading in red as September tends to be slack month for spices as due to Shradh stockiest tends to avoid stocking spices.

Arrivals in Cardamom Planters' Association, Santhanpara were 13405 kg. and prices were firm by Rs.10/kg triggered upside on MCX futures as well. 7 mm bold cardamom was traded at Rs.825/kg.

Mentha oil has lost some of its stem after clocking handsome gains after expiry. As exports demand continue to remain sluggish and inferior quality stocks also weighed on prices.

Jeera futures went up mainly on bargain hunting as after such a sharp decline, from Rs.12000/quintal to Rs.10800/quintal we have seen futures prices were trading at discount by more than Rs.150/quintal and that triggered upside in the spices however fundamentals of commodity continue to remain bearish.
 
Selling in pepper futures were unexpected at the start of trading session as other origins such as Vietnam and Indonesia were firm despite of that we have seen correction in pepper futures. We fundamentally remain bullish on the spices on the back of depleting stocks in India and Vietnam.

Cardamom after a sharp upside we may see some profit taking but buying at decline should be the strategy for the spices. Pepper we recommend to buy at decline of 1-2%. Jeera we don’t remain very bullish and rally of Rs.100-120/quintal shall be used as selling opportunity. Chilli expected trade sideways to down during the day.