Cardamom Market: Buyer-Friendly Range Trade Amid Soft Demand
Cardamom prices in India remain range-bound amid ample supplies and sluggish domestic and export demand. Outlook stays stable but weather and monsoon need watching.
Prices
Wholesale prices for large cardamom in Delhi are reported around INR 2,000/kg, roughly EUR 22.0/kg at prevailing FX, with no strong upward or downward momentum. The tone is clearly range‑bound, reflecting both adequate supply and lacklustre demand at the start of June 2026.
Export‑oriented green cardamom offers from New Delhi also indicate a broadly steady market through June, with only marginal firming in late‑month indications. Organic whole green 6.0–6.5 mm has moved from about EUR 15.5/kg on 20 June to EUR 15.9/kg on 26 June, while organic 7.5–8.0 mm improved from EUR 17.3/kg to EUR 17.8/kg over the same period. Cardamom powder edged up only slightly, from EUR 23.5/kg to EUR 23.8/kg.
Supply & Demand
Supplies in the large cardamom segment are currently described as adequate, with comfortable stocks at trade level and regular arrivals from producing regions. This has removed any urgency for buyers to build inventories, and there is no evidence of aggressive pre‑monsoon stocking.
On the demand side, domestic consumption is moderate rather than weak, but clearly insufficient to tighten the market. Export enquiries, particularly from Gulf countries, remain subdued, providing little support to prices. With speculative activity limited, the market is effectively being driven by physical, near‑term needs only, which reinforces the narrow trading range.
Fundamentals & Weather
Current fundamentals tilt slightly in favour of buyers: stocks are comfortable, flows are normal, and there is no immediate supply disruption risk. This backdrop explains why mild firming in some export‑grade quotes has not translated into a broader bullish shift in sentiment.
Weather conditions in key producing regions have so far been largely favourable, limiting concerns over crop damage or logistics. The critical risk factor ahead is monsoon performance during flowering and fruit development stages in June–July. Any irregular rainfall that threatens yield potential could quickly refocus attention on forward supply and support prices later in the season, even if spot demand remains soft.
Trading Outlook
- Short‑term (next 1–3 weeks): Prices are likely to remain broadly stable in a narrow range, with only minor grade‑specific adjustments as buyers continue to purchase strictly for immediate requirements.
- For buyers: The current environment is favourable for staggered coverage of near‑term needs. Consider modestly extending coverage for higher‑grade material where late‑June firmness has been limited so far, while avoiding aggressive forward positions before clearer monsoon signals.
- For sellers: With demand subdued, focus on maintaining quality and timely execution rather than price ambition. Use any weather‑related upticks in sentiment over June–July as opportunities for incremental sales rather than expecting a sharp, sustained rally.
3‑Day Price Indication (Direction)
- Delhi wholesale large cardamom: stable, bias mildly firm within the current EUR 22/kg equivalent range.
- New Delhi FOB organic whole (6–8 mm): broadly steady to slightly firm, expected to trade near EUR 16–18/kg.
- New Delhi FOB non‑organic whole (6.5–8 mm): stable with a modest firm bias, indicative range roughly EUR 22–27/kg, driven more by grade differentials than by broad demand shifts.