- Larger grades command premium, export indications strengthen
- Rising new-crop arrivals could cap upside if supply outpaces demand
India’s cardamom prices strengthened in the week ended 1 October 2026 as reduced selling by stockists and importers coincided with improving festive-season demand. Tighter near-term availability has supported domestic wholesale and export-oriented prices, although rising new-crop arrivals could cap the upside if supply increases faster than demand.
Prices strengthen on improved demand
Small cardamom Ex-Kochi prices currently range from INR 2,725/kg for below 6 mm, INR 2,988/kg for 6-7 mm, and INR 3,388/kg for above 7 mm, with larger grades maintaining a clear premium.
In Delhi, large cardamom wholesale prices rose by around INR 30-50/kg on 30 September to INR 1,430-1,470/kg. Traders attributed the increase to improved demand and reduced selling by stockists. The firmer trend has also been reflected across premium spices and dry fruits as festival-related buying gathers momentum.
Export indications from New Delhi have also strengthened moderately from mid-September levels. Organic whole green cardamom of 6-6.5 mm is quoted around $20.04/kg FOB, while 7.5-8 mm material is around $21.97/kg. Conventional whole green cardamom of 7-7.2 mm is quoted near $28.19/kg, with 8 mm material around $32.50/kg. Organic cardamom powder is quoted at approximately $28.53/kg FOB New Delhi.
Festive buying supports market
Demand has improved ahead of the major Indian festivals, with buyers from the food, confectionery and hospitality sectors becoming more active. At the same time, stockists and importers in Delhi have reduced their selling, tightening spot availability, and lending support to prices.
Small cardamom auction prices in Kerala and Tamil Nadu also edged higher w-o-w. Spices Board auction data for 26-29 September showed average prices in the low-to-mid INR 3,100s/kg, with clearance rates remaining above 90%, indicating sustained buyer participation despite sizeable arrivals.
Wholesale prices in select APMC and mandi markets were reported around INR 2,900-3,000/kg during late September, broadly tracking auction-market levels.
Rising arrivals cap upside
New-crop arrivals at Bodi and Idukki are gradually increasing. However, traders report that some stocks are being withheld in anticipation of stronger festive and winter-season prices. This cautious selling is partly offsetting the bearish impact of higher arrivals.
Prices were relatively softer earlier in September before stabilising and recovering in the final week as buying activity improved. Weather in key growing areas of Idukki in Kerala and adjoining parts of Tamil Nadu has remained seasonally moist, with scattered showers. Forecasts indicate light-to-moderate rainfall, which is expected to allow harvesting and post-harvest operations to continue without major near-term disruption.
Outlook
Cardamom prices are expected to remain firm to rangebound over the next 4-6 weeks. Reduced stockist and importer selling, combined with festive and early winter demand, should provide support. However, a sustained increase in new-crop arrivals could make buyers more price-sensitive and limit further gains at elevated price levels.
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