Dear Client,
Please find below the latest market intelligence for the Indian Spice sector as of
16 October 2026.
Spice markets show a mixed tone. Large cardamom is firm on festival-season demand and thin selling by stockists, while turmeric and coriander have softened after a recent rally on weaker demand and slightly easier buying interest. Cardamom is also supported by export enquiries, and the sentiment in other spices is stable to cautiously positive.
🌿 Small Cardamom Holds Record Territory on Festival & Export Demand
Small cardamom prices are at record levels, backed by rising domestic demand ahead of the festive season and healthy export enquiries. Daily auction arrivals are around 100 tonnes. A good crop has kept supplies adequate, but buyers are cautious at these high levels. Poor early-season rainfall in Kerala’s Idukki belt (over 40% below normal in June-July) hurt flowering and early production, although later rains improved plant health. Production is expected to continue until December. Concerns remain over next year’s crop because of a possible El Niño and the Middle East shipping disruptions, while Guatemala’s crop damage gives Indian exporters an opening. Prices could stay firm through January, and any supply tightening could push them higher.
🔥 Large Cardamom Turns Strong as Festive Buying Picks Up
Large cardamom has firmed after the recent decline, supported by active buying from masala companies, wholesale buyers and local markets. Demand has risen ahead of the October-November festivals and the start of winter. New-crop arrivals are coming into the mandis steadily, but old stock is still available. Nepal’s new crop is arriving late, which limits immediate supply in Indian markets. Big stockists are holding back stock in the hope of higher profits, and prices are inching upward slowly. The outlook is for no further sharp declines.
🌰 Nutmeg Rally Pauses as Supply Improves
Nutmeg saw a recent upward move, but the rally has now stalled and the market is stable. Fresh arrivals from producing areas are building up steadily and stock availability is adequate. Importers and large traders who had built stocks at higher levels are now releasing old stock to book profits. With new-crop stocks also larger, mandi supplies are rising and a softer tone is emerging. The near-term outlook is for a sideways to slightly soft market, with no long rally expected.
🟡 Turmeric Cools Off After a Strong Run
Turmeric has turned soft after continuous gains, with the market easing after a day of heavy selling. Lower new-crop arrivals and a shortage of good-quality stock are limiting the fall, particularly in Sangli and Nizamabad. Holding by traders and stockists on a large scale is keeping the sentiment positive. Exports to China, Bangladesh, Turkey, Sri Lanka and Nigeria have risen, supporting Indian markets. The outlook is for stability, with scope for a fresh rise in the near term.
🌱 Coriander Eases Slightly but Underlying Tone Stays Firm
Coriander has seen a mild softening on the day, but the underlying trend remains supportive. Arrivals of the new crop are reported lower than normal in large mandis such as Rajasthan and Madhya Pradesh, leaving the spot market short of material. Stockists are also holding stock, which is further limiting supply. Global supply is limited, so international demand for Indian coriander is good and exporters remain active. The coming days could bring firmness and profit opportunities.
🌾 Cumin Firm After Rally; Weather & Sowing in Focus
Cumin has seen some softening in spot prices after the recent rally, and average-quality material has eased. Arrivals in the spot market remain limited, as farmers and traders are holding stock in the hope of higher prices. Demand from masala makers, local processors and stockists is strong as the festive and wedding season begins. Rabi sowing in Gujarat and Rajasthan during October-November and the weather in coming weeks will be key. The market signals strong support, with further upside likely.
🌿 Fenugreek Seeds Firm on Tight Stock & Steady Pharma Demand
Fenugreek seed stocks are low, and the market is firm on steady buying from the domestic and pharmaceutical industries. New-crop arrivals in major producing states such as Rajasthan and Madhya Pradesh are reported weak, keeping supply tight. Average quality has gained in the market, and traders expect good profits ahead. Current conditions suggest fenugreek trade can remain profitable.
⚪ Poppy Seeds Under Pressure from Heavy New-Crop Supply
Poppy seeds are subdued after a recent softening. Turkish-origin material has held near its earlier level, but the new crop that began in March-April and plentiful imported stock are building pressure on mandi prices. Arrivals from major producing mandis, such as Neemuch in Madhya Pradesh, are normal. Domestic demand ahead of the festivals is steady and giving some support, but big traders and stockists have limited their selling at lower levels. A sharp decline is not expected, and the market is likely to remain range-bound.
To get our Daily Spice report on your phone: