Dear Client,
Please find below the latest market intelligence for the Indian Spice sector as of
26 October 2026.
Spice markets showed a broadly firm tone over the past week. Black pepper, big and small cardamom, cloves, turmeric, ajwain, fenugreek and dry ginger all saw gains. Supply is tight at origin and old stocks are thin. Stockists are holding back inventory ahead of the festive and wedding season. By contrast, watermelon seeds and almond kernels turned weak in this sector.
🌶️ Black Pepper: Sharp Rally on Thin Arrivals
Black pepper prices have strengthened further as daily arrivals in the major producing mandis (Kerala and Karnataka) keep falling. Supply is tight, and farmers and big stockists are holding back their remaining stock. Imported Sri Lankan pepper has turned costlier because of higher international prices and a weaker Indian rupee. Given the short supply, the market is likely to keep its upward bias in the coming days.
🟤 Big Cardamom: Domestic Demand Revives Strongly
Big cardamom has improved markedly on strong domestic demand. The wedding and festival season is lifting consumption of warm spices, and wholesalers and traders are buying steadily. Higher-grade lots have gained the most. Supply from auction centres is limited, and stockists are not rushing to sell, so the outlook stays bullish.
💚 Small Cardamom: Firm Tone, Sustained Support Likely
Small (green) cardamom is firm after a recent jump, as arrivals at auction centres are thin and the new crop is only moderately available. Reduced supply from Guatemala is bringing Indian exporters large orders from the international market. Traders in India do not hold large old stocks, and local and sub-trader demand remains healthy. The market is likely to stay strong.
🌿 Cloves: Higher Landing Costs Push Domestic Prices Up
Cloves have moved up sharply as the landing cost for importers has risen. A weak rupee against the dollar is adding to costs, and wholesale prices at home are climbing. Major producers such as Indonesia, Madagascar and Tanzania face lower output and adverse weather, which has disrupted the global supply chain. Further strength is expected in the near term.
🟡 Turmeric: Drought Damage Tightens Supply, Strong Bounce Expected
Turmeric stayed firm because the crop has suffered heavy drought losses and old stock in the pipeline has been cut sharply. Arrivals of new turmeric in the mandis have fallen as the season has ended in producing regions. Poor rainfall in Andhra Pradesh and Maharashtra has dried up the crop in some areas, and farmers have also shifted acreage to maize and soybean. Next year’s output could fall sharply. After a small correction, markets expect a further rise.
🌾 Ajwain: Prices Hold at Elevated Levels
Ajwain is trading at high levels because stocks are low and there is no pressure from new arrivals. Most of the crop in key producing mandis such as Neemuch, Jawara, Mandsaur and Rajkot has already arrived, so daily supply is thin. Average-quality material has also firmed. Because supply is scarce and stocks are low, markets are not worried about the high prices and expect them to hold.
⚪ Cumin: Profit-Booking Dip, but Fundamentals Stay Bullish
Cumin saw a mild correction after a sharp rally, as profit-taking in the producing mandis eased prices briefly. The fundamentals remain supportive: global exports have been boosted by disruptions from the Iran-Israel conflict and the closure of sea routes. Stocks are lower in Syria, Turkey and Jordan, so importers are buying Indian cumin. Sowing for the coming rabi season in Gujarat and Rajasthan depends on weather, and the market expects prices to climb further.
🫚 Dry Ginger: Tight Stocks Keep the Trend Firm
Dry ginger is in a firm phase as exports in recent seasons depleted domestic stock. Large stockists are accumulating heavily at lower levels, which has further tightened supply. With supply controlled and demand steady, prices could rise further in the coming days. The current trend should remain profitable for holders.
🔥 Red Chilli: Steady with Little Fear of a Sell-Off
Red chilli prices have stabilised after a recent uptick. According to the Guntur Chilli Exporters Association, carry-over stocks are lower than last year. Traders and masala companies hold only limited inventory. Delays in new-crop arrivals and uncertain weather are adding to competition for the available stock. Markets expect the pause to remain profitable and do not see much downside.
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