Spices futures witnessed correction during yesterday trading session as correction in overall commodities also victimized spices complex. Mentha oil was seen relatively insulated from selling.

Jeera prices were firm at spot market during morning session infact spot prices were up by Rs. 50/quintal but weak export numbers were also reason for it to go down from April-August India exported 18750 tonnes of Jeera Vs. last year's 21130 tones.

Pepper, despite of strong fundamental prices succumbed to selling pressure in overall spices complex. Pepper exports for the month of August 2009 was 1500 tonnes Vs.
1570 tonnes in August 2008 and overall Pepper exports have declined from
11000 tonnes to 8250 tonnes down almost by 25% due to scarcity of ASTA grade of pepper in Benchmark Cochin mandi.

Turmeric also went down, despite of excellent export numbers at very high rates. India exported 4750 tonnes of turmeric in the month of August as compared to last year's
3800 tonnes. It showsthe fundamental strength of commodity.

Chilli exports are declining quite rapidly, exports in the month of August of Chilli went down from 15240 tonnes in August,
2008 to 12500 tonnes in August, 2009.

We recommend selling Jeera futures at rise of Rs. 100-150/quintal. Pepper we expect prices to move down initially as its looking weak technically but we recommend to buy at those dips rather than going short good levels to again reenter would be 13700-13800