Cardamom Market: Stable-to-Soft Large Cardamom Meets Firm Green Grades
Large cardamom prices stay under pressure amid adequate stocks, while green export grades in Delhi edge firmer. Outlook stable to slightly weak pending monsoon.
Prices
In Delhi’s wholesale market, large cardamom is quoted around ₹2,000 per kg, equivalent to roughly EUR 22.2/kg at prevailing FX rates. Prices are not showing a clear direction, reflecting a well-supplied but not oversold market. Sellers are resisting deeper discounts, preventing a sharper decline despite sluggish demand.
Export-oriented green cardamom offers in New Delhi have inched higher over July. Representative FOB prices (late July) are approximately EUR 23.9/kg for green whole 7–7.2 mm, EUR 22.4/kg for 6.5–6.8 mm and EUR 24.4/kg for organic cardamom powder. The gradual month-to-date gains of about EUR 0.2–0.4/kg across key grades indicate a cautiously firm undertone on the green segment.
Supply & Demand
Supplies of large cardamom are comfortable, with stocks held by traders, packaged food companies and retailers considered adequate for the 2026 season. Arrivals and existing inventories are sufficient to satisfy current buying, which limits any immediate upside. Sellers, however, are not facing urgent liquidity stress, which is capping the downside.
On the demand side, domestic spice trade activity remains sluggish. Buyers are covering only short-term needs and deliberately avoiding large inventory builds at prevailing prices. This just-in-time purchasing pattern reduces spot volatility but also delays any meaningful recovery, as fresh buying interest will only emerge if prices correct further or if demand from consumers and processors accelerates.
Fundamentals & Weather
The fundamental picture for large cardamom is broadly balanced. With consumption and supply aligned, the market is currently driven more by expectations for the new crop than by spot scarcity. So far, there are no significant reports of crop damage, and the main downside risk would come from any demand shock rather than supply tightness.
The key risk factor over the coming weeks is weather during the main crop window from July to September. Flowering and fruit development are highly sensitive to rainfall distribution. While conditions to date are reported as generally normal, delayed or uneven monsoon rainfall in June–July could still affect yield potential and reduce arrivals later in the season. Market participants are therefore closely monitoring precipitation patterns in major producing areas.
Short-Term Outlook & Trading Ideas
With stocks adequate and demand only moderate, large cardamom prices are expected to remain stable to slightly weak in the near term. A notable recovery is unlikely without a visible improvement in domestic or export offtake, or clear evidence of weather-related production losses. Green export grades, by contrast, could retain a mildly firm tone as long as overseas demand remains steady.
- Buyers/Importers: Continue hand-to-mouth coverage for large cardamom; consider modest forward booking of selected green grades on dips, given the recent mild firming.
- Processors/Retailers: Maintain working stocks rather than aggressive replenishment; be prepared to step in if weather issues in July–August start tightening production expectations.
- Producers/Stockists: Avoid panic selling at current levels; monitor monsoon performance closely, as any confirmed yield impact could justify holding a portion of stocks for later in the season.
3-Day Market Indication (EUR, Directional)
- India – Delhi large cardamom (domestic): ≈ EUR 22.0–22.5/kg, bias: stable to slightly softer.
- India – Delhi green whole 7–7.2 mm FOB: ≈ EUR 23.5–24.0/kg, bias: steady with mild firm tone.
- India – Delhi cardamom powder FOB: ≈ EUR 24.0–24.5/kg, bias: broadly stable.