The global cardamom market is entering its prime season, and early harvests are already shaping price trends. This year, arrivals of large cardamom in India have begun, but initial volumes are still lower than the seasonal average, causing prices to hold firm despite harvesting pressure. Likewise, Nepal’s crop is starting to appear, but robust demand is absorbing available supply, leading to a stable market landscape. In major trading centers like Siliguri, average-quality cardamom fetches between $15.35 and $15.55 per kg, while top grades are commanding $18.35 to $18.75 per kg.
Traders attribute this resilience to strong buying from both domestic users and exporters, especially those catering to the Middle East and buyers preparing for festive demand. As production in Bhutan and Nepal looks generally strong for the season, actual arrivals are expected to intensify by September and peak from October to November. However, current supply limitations and high demand create a bullish undertone that is expected to persist in the short term, even as market participants stay alert for any seasonal corrections. Overall, market experts anticipate continued firmness in prices, citing supportive fundamentals and sustained exporter interest.
Exclusive Offers on CMBroker
Cardamom whole
green,7.5-8 mm
FOB 17.99 €/kg
(from IN)
Cardamom whole
green 6.0-6.5 mm
99%
FOB 16.22 €/kg
(from IN)
Cardamom whole
green, 8 mm
FOB 24.19 €/kg
(from IN)
📈 Prices
| Product | Type/Size | Organic | Location | Price (EUR/kg) | Previous Price (EUR/kg) | Weekly Change | Sentiment |
|---|---|---|---|---|---|---|---|
| Cardamom whole | green, 7.5-8 mm | Yes | New Delhi, IN | 17.94 | 18.01 | -0.07 | Steady/Firm |
| Cardamom whole | green 6.0-6.5 mm | Yes | New Delhi, IN | 16.18 | 16.25 | -0.07 | Steady |
| Cardamom whole | green, 8 mm | No | New Delhi, IN | 24.12 | 24.22 | -0.10 | Firm |
| Cardamom whole | green 7-7.2 mm | No | New Delhi, IN | 21.93 | 22.02 | -0.09 | Firm |
| Cardamom whole | green 7.5 mm | No | New Delhi, IN | 23.39 | 23.49 | -0.10 | Firm |
| Cardamom whole | green 6.5-6.8 mm | No | New Delhi, IN | 20.98 | 21.07 | -0.09 | Steady |
| Cardamom powder | – | Yes | New Delhi, IN | 24.66 | 24.76 | -0.10 | Firm |
🌍 Supply & Demand
- Early harvest arrivals in India, Nepal, and Bhutan—with current volumes below seasonal norms.
- Firm demand, notably from Middle Eastern buyers, and pre-festive season stocking underpin prices.
- Nepal’s new crop entering market, but sufficient demand is absorbing increased flow, keeping prices stable.
- Arrivals projected to peak in October – November, offering potential for higher liquidity in coming months.
📊 Fundamentals
- Production Outlook: Bhutan, Nepal, and India expect relatively good overall production, but initial reports from Sikkim and Darjeeling point to limited early pickings.
- Inventory: Global stocks are average, with no indication of overhang; steady exporter buying keeps pipeline tight.
- Speculative Activity: Minimal speculative influence; trade is led mainly by fundamental supply-demand dynamics.
- USDA/Official Data: No major government interventions or support mechanisms reported for the current period.
☀️ Weather Outlook
- Recent weather in the Eastern Himalayas (Sikkim, Darjeeling, Bhutan, Nepal) has been generally favorable, supporting the anticipated gradual increase in arrivals.
- No significant drought or flooding events presently reported; continued moderate rains are positive for late crop development.
- Short-term forecast: Mild conditions with intermittent showers should support harvest operations and quality, with little risk to the currently expected yield improvement.
🌐 Global Production & Stocks
| Country | 2024/25 Est. Production (MT) | 2023/24 Production (MT) | Yr/Yr Change | Stock Position |
|---|---|---|---|---|
| India (Sikkim, Darjeeling) | 7,200 | 7,000 | +3% | Adequate |
| Nepal | 6,100 | 6,100 | 0% | Adequate/Firm |
| Bhutan | 1,800 | 1,750 | +3% | Firm |
📌 Trading Outlook & Recommendations
- Short-term firmness expected: Exporters should continue to secure stocks during the build-up to peak arrivals and festivals.
- Buyers may consider locking in contracts while prices remain stable, given the likely firmness as demand stays robust.
- Traders should monitor September-October arrival pace; any signs of an abrupt surge could temporarily soften prices, but downside is limited given export support.
- Any weather disruptions in key Himalayan regions could offer further upside risk.
📆 3-Day Regional Price Forecast
| Location | Quality/Grade | Forecast (USD/kg) | Trend |
|---|---|---|---|
| Siliguri, IN | Average | 15.40 – 15.60 | Steady to Firm |
| Siliguri, IN | Top Grade | 18.40 – 18.80 | Firm |
| New Delhi FOB | Organic, 7.5-8 mm | 17.90 – 18.00 (EUR/kg) | Steady |
| New Delhi FOB | Conventional, 8 mm | 24.10 – 24.20 (EUR/kg) | Firm |
