Dear Client,
Please find below the latest market intelligence for the Indian Spice sector as of
9 November 2026.
Coriander is expected to firm further on tight stocks. After a sharp rally, the market has settled into a stable-to-slightly-soft phase, which looks like a pause rather than the start of a prolonged downturn. Output has fallen over the past few years and old stock is thin. Arrivals in mandis remain limited, and the new crop is not yet due. Stockists holding old stock are waiting for higher prices, which keeps availability tight and supports a renewed upward move.
🌿 Coriander: Tight Stocks Point to Further Strength
Coriander saw a sharp rally last week, followed by a stable to mildly soft phase as buyers stayed away. The pause is seen as temporary rather than the start of a long slump. Old stock has fallen steeply in the mandis and new-crop arrivals are not meeting expectations. Traders holding old stock are not releasing it, hoping for better levels, which is thinning availability. Higher export realisations, despite lower shipment volumes, show the strength of the price trend. Good returns this season may also lead farmers to expand acreage next year. Even so, the gap between available stock and expected consumption over the next six months is a concern. This points to further firmness and renewed buying ahead.
🌶️ Red Chilli (Teja): Heat Building on Short Supply
Teja red chilli rose steadily over the past week, with fresh strength on the Diwali muhurat trading day. Old-crop arrivals in key mandis, especially Guntur, have fallen, leaving market availability limited. Farmers and large traders are selling only small quantities while waiting for better prices. The heavy shortage of stock in the domestic market is supporting rates. The outlook is for the market to turn firmer and more bullish in the coming sessions.
🟡 Turmeric: Strong Momentum After Festive Rally
Turmeric gained significantly over the past week, with the Erode variety opening firm on the Diwali muhurat. Trading sentiment in the market is upbeat after the start of the new business session. Roughly 80% of last season’s stock has already been sold from the main producing mandis. Stockists hold a strong grip on the remaining stock, which has sharply reduced arrivals and selling pressure. Signs of a sustained rally in coming days are clear.
🌱 Fenugreek: Profitable Outlook Ahead
Fenugreek stocks are falling and new-crop arrivals are thinning, but buying has been sluggish after the recent rally. Weak demand in local wholesale and retail markets has brought stability, with a mild softness after the earlier spurt. Domestic demand is now emerging from household consumption and pharma companies, which could lift prices. Rabi sowing has started in Rajasthan, Gujarat and Madhya Pradesh, but the pace is slower than last year because of low soil moisture. The new crop is still three to four months away. Market focus is therefore on sowing progress, weather conditions and the availability of old stock. Delays in sowing or weak arrivals could keep the rally intact, while strong overseas demand would add support. Traders may have to buy at higher levels if farmer selling stays low.
⚫ Poppy Seed: Stable With Little Downside Risk
Poppy seed prices have stabilised as new-crop arrivals begin to build, though the market is not under heavy supply pressure. Prices have been supported near the lower end after a recent dip. Last season’s stock was exhausted quickly because of strong export demand. Old stock is now being sold in very small quantities. There is little chance of a sharp fall, and the market is likely to stay steady in the near term.
⚫ Black Pepper: Steady With Firm Undertone
Black pepper (Mercara) has stayed stable for a week, with no major swings after the Diwali muhurat deals. Daily arrivals at the key producing centres are running at roughly half of normal levels. Buyers have been cautious, but limited availability is giving the market a firm underlying tone. The outlook is for further firmness and a possible fresh rally as demand picks up.
🌾 Cumin: Strength Continues on Sellers’ Reluctance
Cumin prices were firm over the past week, with average-quality grades gaining. The Diwali muhurat trading also took place at strong levels. Farmers and traders holding old stock have paused sales in anticipation of better prices. This is affecting mandi availability. The market has been quiet since the festive deals, but sentiment stays positive. A further rally is likely in the coming days, so the outlook is profitable.
🟢 Large Cardamom: Firm Now, Not a Long-Term Rally
Large cardamom held firm over the past week, with fresh buying seen around the festive period. Producing mandis are receiving steady fresh arrivals, which makes the market grip look slightly weak. This is not a cause for concern, since consumption demand is expected to come in both the festival and wedding seasons. Overall sentiment in the market remains positive. There is potential for further strength once demand picks up.
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