Indian cardamom prices at New Delhi FOB have turned mildly firmer into mid-March, tracking a stabilisation in South Indian auction centres after a slightly bearish start to the month. Spices Board auction data for small cardamom on 11 March 2026 show average prices around ₹2,317–2,339/kg at Thekkady and RNS Spices auctions, with maximum bids just above ₹2,800/kg, indicating that while arrivals remain sizeable, buyer interest is sufficient to prevent a deeper correction. Weekly market reviews from Bodi–Puttady auctions for 2–7 March 2026 confirm that most auction averages clustered in the ₹2,250–2,350/kg range, described as a ‘slightly bearish’ phase driven by heavy early-week arrivals and more selective buying. Against this domestic backdrop, FOB New Delhi offers for Indian-origin green cardamom (6.0–8.0 mm) and organic powder have edged up by about €0.10 per kg week-on-week across key grades, with the premium 8 mm whole and organic powder now indicated around €24.30/kg. This firm undertone reflects stable-to-improving export enquiry from Gulf buyers ahead of Ramadan and late-season replenishment from European blenders, even as global supply is supported by steady Indian production and structurally tighter Guatemala output since 2025. Weather in Kerala’s Idukki/Cardamom Hills belt is forecast to remain seasonally mild with scattered pre-monsoon showers over the next three days, which is neutral to slightly supportive for late pickings and next-season flowering, but not yet a major yield driver. With the euro trading near ₹107, EUR-based exporters see modest competitiveness gains on INR weakness, cushioning FOB quotations in euro terms. Overall, the short-term bias for New Delhi FOB cardamom is mildly bullish, with constrained downside as long as arrivals remain orderly and Gulf/European demand holds. Near-term trading strategies should focus on scaling into dips rather than chasing rallies, with close attention to auction arrivals and pre-monsoon weather in Kerala.
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Cardamom whole
green,7.5-8 mm
FOB 18.05 €/kg
(from IN)
Cardamom whole
green 6.0-6.5 mm
99%
FOB 16.30 €/kg
(from IN)
Cardamom whole
green, 8 mm
FOB 24.30 €/kg
(from IN)
📈 Price Overview (FOB New Delhi, IN – all values in EUR)
Latest Indicative FOB Offers – 14 March 2026
Note: Source prices provided in EUR; no FX conversion required. For cross-check with Indian auction levels, average Kerala small cardamom auctions currently trade around ₹2,300–2,350/kg, equivalent to roughly €21.5–€22.0/kg at ~₹107/€.
| Product | Type / Grade | Origin | Location | Delivery terms | Last price (14 Mar 2026, EUR/kg FOB) |
Prev. week price (07 Mar 2026, EUR/kg FOB) |
WoW change (EUR/kg) |
WoW % | Market sentiment |
|---|---|---|---|---|---|---|---|---|---|
| Cardamom whole (organic) | Green 7.5–8 mm | IN | New Delhi | FOB | 18.05 | 17.95 | +0.10 | +0.6% | Mildly bullish |
| Cardamom whole (organic) | Green 6.0–6.5 mm, 99% purity | IN | New Delhi | FOB | 16.30 | 16.20 | +0.10 | +0.6% | Mildly bullish |
| Cardamom whole | Green 8 mm | IN | New Delhi | FOB | 24.30 | 24.20 | +0.10 | +0.4% | Firm, high-premium grade |
| Cardamom whole | Green 7–7.2 mm | IN | New Delhi | FOB | 22.05 | 21.95 | +0.10 | +0.5% | Firm |
| Cardamom whole | Green 7.5 mm | IN | New Delhi | FOB | 23.40 | 23.30 | +0.10 | +0.4% | Firm |
| Cardamom whole | Green 6.5–6.8 mm | IN | New Delhi | FOB | 21.20 | 21.10 | +0.10 | +0.5% | Steady to firm |
| Cardamom powder (organic) | Ground | IN | New Delhi | FOB | 24.30 | 24.20 | +0.10 | +0.4% | Firm premium |
📉 Short-Term Price Trend
- All monitored grades in New Delhi show a narrow but consistent week-on-week increase of ~€0.10/kg, reversing the marginal declines seen in late February.
- Over the past four weeks, most whole green grades have traded broadly sideways within a ±1–2% band, suggesting a consolidation phase after prior volatility. (Data: 14 Feb–14 Mar 2026 series.)
- Premium 8 mm whole and organic powder continue to command a €6–€8/kg premium over smaller organic whole grades, underlining strong demand for top grades from high-end retail and food-service buyers.
🌍 Supply, Demand & Trade Flows
Domestic Supply & Auction Dynamics
- Spices Board auction data for 11 March 2026 show Thekkady auctions with ~71,474 kg arrivals and ~70,215 kg sold, with average prices around ₹2,317/kg and max near ₹2,804/kg, indicating healthy clearance and balanced demand.
- Weekly review for Bodi–Puttady auctions (2–7 March 2026) notes high arrivals early in the week and ‘slightly bearish’ prices, with averages mostly between ₹2,250–₹2,350/kg; selling pressure eased as arrivals fell later in the week.
- Overall, domestic physical prices in Kerala remain slightly below the premium New Delhi FOB offers, reflecting logistics, grading, organic premiums and export margins.
Export Demand
- Recent plantation-sector research highlights that India’s small cardamom exports are concentrated towards UAE and Saudi Arabia, markets that typically front-load buying ahead of Ramadan and key festive periods.
- With Ramadan-related demand supporting broader spice flows from India to West Asia in early 2026, cardamom export enquiries have been steady even as other food commodities (e.g., basmati rice) face logistical and payment challenges in the Gulf and Iran region.
- Institutional tenders such as the Indian Army’s multi-spice procurement for 2026, which includes cardamom, lend a further base to domestic demand, although exact volumes are modest relative to total production.
Currency & Competitiveness
- EUR/INR has traded near 106–107 in early March 2026, implying 1 INR ≈ €0.0093–0.0094.
- In euro terms, this cushions exporters against rupee weakness: even if rupee-denominated auction prices firm modestly, EUR-based FOB quotations can remain competitive or move only slightly higher.
📊 Fundamentals & Weather
Production Context
- Indian cardamom (small) area has gradually expanded in recent years, with aggregate cardamom (small + large) area rising from about 113,891 ha in 2020–21 to around 116,426 ha in 2024–25, indicating structurally adequate supply capacity.
- Earlier global market analysis in 2025 pointed to a steep 44% drop in Guatemala’s crop, tightening global availability and supporting higher price floors for Indian origin since late 2025.
Weather Outlook – Key Indian Growing Regions (Next 3 Days)
Focus: Idukki / Cardamom Hills region, Kerala, India – primary small cardamom belt.
- Forecast models for mid-March 2026 indicate typical pre-monsoon conditions in Kerala’s high ranges: warm daytime temperatures, relatively cool nights, and scattered light showers or thunderstorms in the afternoons.
- Expected rainfall is modest, mainly convective, providing occasional moisture without major disruption to harvest or curing operations.
- Such conditions are broadly neutral-to-positive: adequate humidity and intermittent showers support plant health and early flowering for the next crop, while not causing the excessive wetness that could lead to fungal pressure or logistical delays.
📆 Trading Outlook & 3‑Day Price Forecast (Region: IN)
Trading Outlook – FOB New Delhi (Next 1–2 Weeks)
- Bias: Mildly bullish in EUR terms, with limited downside as long as Kerala auction averages hold above ~₹2,250/kg and export demand from West Asia stays intact.
- Producers / exporters (IN):
- Use current firmness to lock in forward contracts on premium 7.5–8 mm and 8 mm grades; target €24–€25/kg FOB for top lots where quality allows.
- Maintain flexible pricing for smaller grades (6.0–6.8 mm), as this segment is more sensitive to auction arrivals and could ease if supply spikes late in the season.
- Importers / buyers (EU, MENA):
- Consider staggered purchases over the next 2–3 weeks rather than waiting for significant corrections, as auction data show stabilising prices and robust clearance ratios.
- Focus on origin and certification premiums (organic vs conventional), as spreads between organic and conventional whole are relatively moderate compared with 2025 highs, offering value for quality-focused buyers.
- Speculative participants (where applicable):
- MCX cardamom futures (2026-03 contract) reflect underlying firmness in the spot; short positions should be tightly risk-managed with auction arrivals and weather as key watch points.
3‑Day Indicative FOB Price Forecast – New Delhi, IN (EUR/kg)
Based on current FOB indications, Kerala auction levels, weather outlook, and currency context. Forecast window: 16–18 March 2026.
| Product | Grade | Current (14 Mar) | Day 1 | Day 2 | Day 3 | Forecast trend |
|---|---|---|---|---|---|---|
| Cardamom whole (organic) | Green 7.5–8 mm | 18.05 | 18.00–18.20 | 18.00–18.30 | 18.00–18.30 | Sideways to slightly firm |
| Cardamom whole (organic) | Green 6.0–6.5 mm | 16.30 | 16.20–16.40 | 16.20–16.50 | 16.20–16.50 | Stable |
| Cardamom whole | Green 8 mm | 24.30 | 24.20–24.50 | 24.20–24.60 | 24.20–24.60 | Firm, supported by quality demand |
Note: Forecast ranges are indicative for short-term planning and assume no major shock to auction arrivals, export policy, or Gulf demand.
