Put all the spices and the orange peel in a wide pot. Add the sugar and heat until the aromas start to come out. Wet the bottom with a little wine, just to cover the sugar, and heat stirring with a wooden spoon until it dissolves.
Add the rest of the red wine, mixing well. Heat to medium temperature, without letting it come to a boil. Cook over medium-low heat for about 30 minutes, making sure that the temperature does not rise too much.
Check the sweetness point and add a little more sugar if necessary. Strain to remove the spices, store in a clean bottle, or serve hot by adding an orange slice and a cinnamon stick to each glass.