Dear Client,
Please find below the latest market updates for the Indian Spice sector as of
23 May 2026.
An increase in market demand has driven up prices for turmeric and nutmeg, while tight selling pressure has fueled a firming trend in saffron. Conversely, sluggish consumer demand has dragged down large cardamom prices, pointing to a mixed sentiment across major spice commodities.
Saffron Firms Up Amid US-Iran Geopolitical Tensions 🌸
Saffron prices recorded a bullish trend as selling pressure eased in the domestic market. Apprehensions over import disruptions arising from persistent geopolitical tensions between the US and Iran have led stockists to adopt a cautious stance. Market sentiment remains highly firm, with the short-term outlook indicating stable to rising prices as long as international supply chains remain uncertain.
Nutmeg Gains Strength on Lower Arrivals from Kerala 🌰
The nutmeg market is displaying a resilient trend due to a drop in the arrivals of the new crop in the primary producing state of Kerala. This drop in arrivals has triggered a slight supply crunch in wholesale hubs, forcing buyers to absorb higher rates. Despite slow active interest from exporters due to global factors, the commodity is expected to maintain its firm tone in the coming days.
Turmeric Registers Short-Term Recovery, Long-Term Bull Run Unlikely 💛
Turmeric prices recovered slightly as buying activity picked up at lower levels following a previous bearish phase. However, weak buying interest from speculative players and a minor slip in active futures contracts have limited the commodity’s upside. Analysts expect that while spot prices will stay steady in the immediate term, a sustained long-term rally is highly unlikely under the current market conditions.
Dry Ginger Supported by Strong Raw Ginger Costs Despite Extreme Heatwave 🫚
High raw ginger prices in key wholesale mandis continue to lend strong support to dry ginger, whose overall domestic stocks remain lower than normal. Although the ongoing intense heatwave and dry winds across Northern and Central India threaten to slow down immediate consumption, the long-term outlook remains positive. Strong export growth in recent months, combined with reports of a severe 50% crop drop in Nigeria, is keeping the broader market sentiment bullish.
Coriander Sluggish as Futures Decline and Demand Stays Muted 🌿
Coriander prices remained flat and unchanged as consumer demand failed to pick up even after recent price corrections. Arrivals in major producing centers like Rajasthan’s Baran mandi remained steady, matching previous levels and keeping spot supplies comfortable. With speculative buying weakening in the futures market, the commodity is unlikely to see any upward price movement in the near term.
Large Cardamom Slumps on Account of Severe Domestic Heatwave 🟢
The intense heatwave and prevailing dry winds across key consumption regions have severely affected the retail offtake of large cardamom. Consequently, wholesale prices moved downwards as buyers remained on the sidelines. Given the weaker average auction rates, market sentiment is currently soft, and no immediate price recovery is expected over the next few days.
Cumin Sluggishness Persists on Subdued Spot and Futures Buying 🌾
Cumin prices remained stagnant in the spot markets despite a relatively lower volume of daily arrivals in the benchmark Unjha market. A lack of strong buying support from domestic stockists and a drop in active futures contracts have weighed heavily on trade sentiment. The market is projected to remain quiet and range-bound in the coming sessions as buyers await clearer demand signals.
🔑 Key Takeaways
for Buyers
- Accumulate Saffron: Acquire saffron stocks proactively to hedge against potential import blockades and supply chain disruptions caused by ongoing geopolitical tensions in Iran.
- Hold Turmeric: Maintain a neutral, wait-and-watch approach on turmeric. Avoid heavy bulk buying as the market is unlikely to sustain a long-term upward rally.
- Capitalize on Dry Ginger: Maintain healthy stocks of dry ginger to benefit from global supply deficits, especially with the reported crop failures in Nigeria and high raw ginger prices.
- Reduce Large Cardamom Exposure: Limit immediate buying of large cardamom as the prevailing extreme summer heatwave continues to suppress consumer demand and drag down auction sentiment.
- Exercise Caution on Cumin: Postpone aggressive purchases of cumin and wait for prices to stabilize, as weak speculative support and dull spot buying are likely to keep the market soft.