Dear Client,
Please find below the latest market intelligence for the Indian Spice sector as of
21 September 2026.
The Kirana-Dry Fruits market shows mixed trends: Major spices and select dry fruits like Large Cardamom, Turmeric, Almonds, and Walnuts experienced softening prices due to increased supply. Conversely, commodities such as Kalonji, Ajwain, and Mustard Seed saw robust price increases, supported by strong consumer demand.
📉 Large Cardamom: New Crop Dampens Market Sentiment
The market for Large Cardamom is currently soft, influenced by the arrival of the new crop and abundant existing stocks in the mandis. Increased supply from both domestic and international sources, coupled with profit-taking activities, has led to a decline in prices. This oversupply scenario is expected to maintain a downward pressure on prices in the near term.
⚖️ Turmeric: Price Fluctuations Within a Narrow Band
Turmeric prices exhibited an up-and-down movement this week, with both spot and futures markets trading within a limited range. Despite this volatility, prices in key producing regions like Erode remained relatively stable. The market is experiencing a cautious phase, with no clear directional trend emerging in the short term.
⬆️ Kalonji (Nigella Seed): Consumer Demand Fuels Price Hike
Kalonji prices demonstrated a firm trend, driven by consistent consumer support in the market. This robust demand led to a significant increase in prices per quintal. The outlook for Kalonji remains strong, suggesting sustained upward momentum in the coming days due to continued buying interest.
🚀 Ajwain (Carom Seed): Low Stock Drives Price Surge
Ajwain prices are experiencing a strong surge, primarily attributed to critically low stock levels in the market. Further bullish reports from producing regions are contributing to this upward momentum. The market sentiment is distinctly firm, indicating that prices are likely to remain strong in the near future.
📈 Mustard Seed: Spot Shortages Bolster Prices
Mustard Seed prices are showing a firm trend, primarily due to a shortage of ready stock available in the market. This supply constraint has consistently pushed prices upward. The market anticipates continued firmness, driven by the persistent imbalance between supply and demand.
🟢 Green Cardamom: Bullish Outlook Despite Local Softness
Green Cardamom prices are expected to see a slight increase in the coming days, backed by strong consumer support despite increased new crop arrivals in auctions. While local markets like Delhi have experienced a temporary dip due to weak consumer demand, overall auction prices remain firm. High international prices for Guatemalan cardamom and robust export demand for Indian varieties provide significant underlying support, even amidst concerns over monsoon weakness and geopolitical tensions affecting shipping routes.
🌶️ Red Chilli: Firmness Expected to Persist
After a period of notable firmness, Red Chilli prices are currently stable. Despite weekly market holidays in Guntur, arrivals of approximately 50,000 bags are being absorbed, maintaining price levels. Seasonal consumption patterns are anticipated to support the current firm trend, suggesting continued stability with an upward bias in spot prices.
📉 Cloves: Bearish Trend with No Upside Potential
Clove prices have softened recently, leading to a decline in sales activity. Prices have stabilized at previous lower levels, reflecting subdued market interest. Quality issues reported in other global producing countries are impacting the overall market sentiment. The outlook for Cloves indicates no anticipated firmness in the immediate future, suggesting a continued soft or stable-to-soft trend.
💪 Black Pepper: Underlying Strength Anticipated
Following a recent period of improvement, Black Pepper sales are currently slow, maintaining prices at stable, pre-improvement levels. However, the market expects an underlying firmness to persist. Factors such as potentially increased import duties from Sri Lanka could further support prices, indicating a strong hold sentiment.
↔️ Fennel: Stable Market with No Bearish Threat
Fennel prices, after showing initial firmness, have entered a phase of dullness and remain unchanged from previous levels. While a delay in the commencement of the new crop could impact the market, there is no immediate fear of a bearish trend. The market is expected to hold steady in the short term, with no significant price movements anticipated.
🚀 Cumin: Poised for Further Gains Amidst Strong Demand
Cumin prices are exhibiting a strong upward trend, driven by increased sales volumes even at improved valuations. Despite arrivals of approximately 10-12 thousand bags in Unjha, prices have remained stable, indicating robust absorption. Strong consumer demand from storers is boosting activity in the futures market. The outlook is decidedly bullish, with expectations for further price increases in the coming days.
⬇️ Fenugreek Seeds: Soft Sentiment Prevails with Limited Upside
Fenugreek Seed prices remain soft and unchanged after recent declines. Arrivals of Methi in producing regions are keeping prices stable at lower levels. The anticipated withdrawal of the monsoon from Rajasthan could further influence market dynamics, contributing to a lack of upward momentum. No immediate firmness is expected in this commodity.
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