Dear Client,
Please find below the latest market intelligence for the Indian Spice sector as of
25 September 2026.
The market observes divergent trends across key commodities, with small cardamom, cumin, and fennel displaying strength, primarily driven by supply shortages and improved buying. Conversely, large cardamom and cashews have softened due to subdued demand and lack of significant market activity.
🚀 Small Cardamom: Bullish Momentum Driven by Robust Demand
Small Cardamom prices have seen a significant surge, driven by strong sales and increased buying interest. Despite higher arrivals at auctions, robust demand has led to a notable increase in average auction prices. The market sentiment is firm, with expectations that the bullish momentum will continue in the short term, indicating no anticipated softening of prices.
📉 Large Cardamom: Price Softening Amidst Weak Demand
Large Cardamom prices have experienced a decline, primarily attributed to reduced demand in the market. The commodity has softened due to persistent weakness in buying interest. This trend indicates a bearish sentiment, with prices likely to remain subdued in the absence of a demand revival.
🔥 Cumin: Strong Momentum Fueled by Increased Buying
Cumin prices have witnessed a notable rebound following a recent decline, with an increase in sales. Strong stockist demand has propelled active futures contracts upwards, reflecting a bullish sentiment. Despite fluctuating daily arrivals and minor price adjustments, the overall market outlook for Cumin remains robust, anticipating continued strength in the coming days.
⬆️ Fennel: Steady Prices & Potential Supply Delays
Fennel prices have remained stable despite previously increased levels, with sales continuing to be sluggish. While current market conditions show no immediate signs of a downturn, potential delays in the new crop in Kerala (estimated by about a month) could influence market dynamics in the near future. This delay may prevent prices from falling, suggesting a neutral to firm outlook.
📉 Black Pepper: Sluggish Trends Amidst Import Shifts & Production Concerns
Black Pepper prices have shown a softening trend, with Sri Lankan import dynamics playing a key role, despite a previous surge in prices in Sri Lankan markets driven by Indian demand. Domestic production is estimated to be lower by about a quarter, and farmer selling remains slow due to unattractive prices. While supply tightness is observed in the wholesale market, overall market sentiment points towards continued sluggishness, exacerbated by a decline in export volumes.
🌶️ Chilli Market Faces Cyclonic Damage & Export Headwinds
The standing chilli crop in parts of Andhra Pradesh faces potential damage from a recent “Deep Depression” (informally named Arnab), leading to a significant drop in market arrivals. Despite reduced arrivals, prices have surprisingly remained stable due to subdued exporter demand and concerns about declining quality as the season ends. Export volumes have decreased, indicating a cautious outlook for the market, with wholesale prices likely to experience downward pressure.
🍂 Cloves: Sluggish Trend Persists Despite Quality Concerns Abroad
The Clove market continues to exhibit sluggishness following a previous decline, with prices holding steady at recent levels. While current prices are considered high, potential quality issues in international producing regions could impact overall market sentiment. The short-term outlook suggests that the sluggish trend is likely to persist.
➡️ Fenugreek: Stagnant Market Amidst Post-Monsoon Sluggishness
Fenugreek prices are currently stable but showing no signs of an upward trend, even with the monsoon withdrawal from Rajasthan and other northern states. Business activities remain sluggish, and the market sentiment is influenced by the end of the consumption season. The outlook suggests that prices are unlikely to increase in the immediate future, maintaining their current stable levels.
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