Dear Client,
Please find below the latest market intelligence for the Indian Spice sector as of
17 October 2026.
The Kirana and dry fruits market saw a firm week for spices. Black pepper, cloves, nutmeg, turmeric, cumin, large cardamom, amchur, fennel, isabgol, melon seeds and jaggery moved higher, helped by tight supplies, farmers and stockists holding back stock, and festive-season demand. Mace (yellow), saffron and almonds stayed soft because of weak buying support and rising supply. Note: the report’s dateline reads 17 October, so that date is used here instead of the 19 October default.
🌶️ Black Pepper Firms Up on Thin Arrivals
Black pepper turned bullish this week. Daily arrivals have dropped sharply in producing regions such as Kerala and Karnataka. Farmers and large stockists are reluctant to sell at lower levels and are holding back their crop, so spot availability is limited. Demand is rising with the start of festivals such as Navratri and Diwali. Sentiment is expected to stay strong in the coming days, with supply tightness continuing to support the market.
🌿 Cloves Rally as Imports Stay Costly
Cloves extended their uptrend this week. Large stockists and traders are releasing only small quantities, and imported stock is priced high. Supply from the main producing countries, Madagascar and Indonesia, has dropped sharply. A poor season and adverse weather in both countries last season cut output and left stocks low, which has pushed international prices up. The domestic market is expected to stay firm, with further upside likely in the coming days.
🟤 Nutmeg Gains as Supply Chain Stays Lean
Nutmeg moved up after earlier consolidation. Arrivals from the main production belt, including Kerala and the Kochi line, are limited. Selling pressure is low because prices have been rising from last week’s levels. Sentiment is positive and the market looks well supported. Supplies are expected to stay constrained, so the firm tone should continue.
🟡 Turmeric Firm as Farmers Hold Stock
Turmeric is trading with a bullish bias. Expectations of a further rally have led farmers and stockists to stop selling in the market. As a result, spot markets have limited availability, and the Erode variety saw a sharp rise with a gain in finger quality. Demand is also supported by the festival and wedding seasons. The outlook is for further firmness while supply stays restricted.
🌱 Cumin Bullish on Short Supply and Export Pull
Cumin has been in a sustained uptrend for a month. Farmers have stopped selling from the producing mandis, and rain deficits have raised fears of lower sowing. Export demand has been strong since the Iran-Israel-US conflict disrupted sea routes, and Indian cumin has also become more expensive than Syrian and Turkish supply. Packers and stockists are buying across the board, while arrivals in Unjha are thin. India’s crop this year is estimated well below last year, with sowing in Gujarat and Rajasthan hampered by the absence of pre-Diwali rain. The trend remains strong, although the sharp run-up could invite some profit booking.
🔥 Red Chilli to Stay Profitable After a Pause
After a recent rally, red chilli is seeing slightly softer buying. Prices are holding at their previous levels. Old and carryover stocks in cold storage and mandis are shrinking, and masala companies and traders are making steady purchases. Festive demand is rising as well. The market is expected to remain profitable in the coming days.
🧂 Dry Ginger Steady on Strong Export Demand
Dry ginger is seeing continuous demand in the international market. Availability of raw ginger for grinding and drying is insufficient, which is affecting dry ginger stocks. Lower output in major producers such as Nigeria has also tightened international supply. Domestic demand is expected to improve as the winter season starts, and the festival season is adding support. The outlook for the current period remains profitable.
🟢 Large Cardamom Firm on Lower Arrivals; Small Cardamom Steady
Large cardamom and Kochi-line stocks are seeing lower daily arrivals. Farmers and big stockists are holding stock at lower levels, and the market has risen sharply. Festivals are lifting domestic demand. Small cardamom has stabilised after its recent rise. Winter and the festival season are supporting demand in local and household markets, while old stock is shrinking and new-crop arrivals look thin. Traders are buying at current levels without waiting for a dip.
🌸 Saffron Under Pressure on Weak Demand
Saffron prices turned soft this week because demand is weak. Iranian-origin saffron lost ground, and Kashmiri saffron also eased. Without fresh buying support, the market lacks momentum for now. Stock-holding sellers face a slow market. The near-term outlook depends on whether festive and gifting demand revives.
🌼 Mace Turns Soft Without Buying Support
Yellow mace turned weak this week as support from buyers did not come. Red mace and nutmeg continue to see a better tone. Trade appears cautious in the absence of sustained demand. The outlook is for a range-bound to soft market unless buying interest returns.
🌾 Fennel, Coriander, Amchur and Isabgol Climb on Tight Stocks
Several minor spices saw gains this week. Fennel strengthened as supply tightened, and badami coriander rose on lower availability. Amchur became firm as the consumption season began, and isabgol husk gained on low stocks and thin new arrivals. Trade is generally buying on limited supply. Festival and wedding demand should keep this group supported.
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