Spices Market Watch by Nirmal Bang

Spices Market Watch by Nirmal Bang         Spices complex showing signs of consolidation and spices such as Jeera and Turmeric continue to maintain bullish momentum. Cardamom due to sluggish demand and higher arrivals prices hit lower circuit.

Pepper prices continued to remain under pressure as talks of bumper production next year is putting pressure on the prices. International origins continue to remain firm, domestic demand is yet to pick up and export activity remained subdued . Jeera, erratic weather conditions in Rajasthan and Saurashtra coupled with fewer arrivals have triggered upside in Jeera futures, arrivals continue to remain between 3000-4000 bags and spot prices were firm. Exports were seen bargain hunting.

Turmeric despite of sluggish demand from spot market at high rates, depleting stocks is seen supporting the prices. Festive season ahead might lend some support to the prices.

Cardamom arrivals at South Indian Green Cardamom Company Ltd, Kochi were 38079 kgs. and due to increase in arrivals prices were under pressure.

Jeera and Pepper are recommended to buy at dips as expectation of improvement in demand may keep buying interest intact. We don't remain very bullish in Chilli. Selling on rise is recommended for the day.