Cardamom under New-Crop Pressure as Arrivals Build, FOB Delhi Firms Slightly

Cardamom markets are entering a supply-heavy phase as new-crop volumes reach key Indian hubs while old stocks are still ample. Large cardamom shows clear downside pressure from fresh arrivals and profit-taking, but green cardamom FOB New Delhi quotations have edged higher week-on-week, reflecting still-active demand and quality differentiation.

The broader spice complex is being driven by supply rather than demand: commodities with strong new-crop flows, including large cardamom, are easing, while items with tight spot availability remain supported into the festival season. In cardamom, domestic and export buyers are cautiously replenishing at current levels, watching how quickly arrivals scale up in producing regions and auctions across Kerala and the eastern Himalayan belt. Price action in the coming weeks will hinge on the balance between rising physical supplies and seasonally stronger festival demand in South Asia and the Middle East.

Prices

Despite a fundamentally bearish supply backdrop, indicative FOB New Delhi prices for Indian green cardamom have firmed modestly over the past week. Whole green cardamom 8 mm is currently quoted at EUR 28.4/FOB New Delhi (up from EUR 27.9 on 19 September), while the 7.5 mm grade trades around EUR 26.5/FOB. Mid-sized 7–7.2 mm and 6.5–6.8 mm grades are at EUR 24.6/FOB and EUR 23.5/FOB respectively, also slightly above their previous marks.

Organic positions show a similar pattern: whole green 6.0–6.5 mm (99% purity) is at EUR 17.5/FOB, and organic 7.5–8 mm at EUR 19.2/FOB. Organic cardamom powder is quoted around EUR 25.0/FOB New Delhi. These gradual weekly gains contrast with the weakness reported in large cardamom, where increasing arrivals and active profit-taking are pressuring both domestic and international quotations.

Supply & Demand

Large cardamom is clearly supply-driven at present. New-crop material has started flowing into producing markets while substantial old-crop inventories remain unsold, creating a double-layer overhang. This has encouraged both domestic traders and international participants to lock in profits, further amplifying downside pressure.

In green/small cardamom, Indian auctions in Kerala and Tamil Nadu show rising arrivals alongside firm to higher average prices, indicating resilient buying interest from blenders and exporters despite the heavier flow of goods. Recent auctions at Bodi and Puttady recorded higher volumes with stronger average and maximum prices, pointing to active demand even as the market transitions into peak supply weeks. 

On the demand side, festival-season buying across India, the Gulf and wider South Asia is beginning to pick up. While some nuts and dry-fruit segments such as almonds and walnuts have softened on importer selling and weak downstream demand, cardamom demand appears more balanced, helped by its core use in confectionery, beverages and traditional sweets during the upcoming festive window.

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Fundamentals & Weather

Fundamentals across the spice complex remain dominated by supply. For large cardamom, higher arrivals in traditional eastern Himalayan markets (Singtam, Gangtok, Siliguri) and the presence of old stocks are the key bearish forces, as confirmed by recent auction listings.

Green cardamom fundamentals are more nuanced. After a strong 2025/26 harvest, arrivals are seasonally elevated, but quality spreads and grading (by size and color) are creating price differentiation in favor of well-dried, bold pods. Earlier in the year, industry reports already highlighted robust demand and generally supportive climatic conditions in Kerala, though yield variability across flushes remains a structural feature.

Weather in India’s cardamom-growing belts is currently near-normal for late monsoon conditions, without major disruptive events in the past few days. Provided this continues, plantations in Kerala and neighboring regions should be able to bring remaining flushes to market without significant weather-related loss, reinforcing the expectation of steady-to-heavy arrivals into October.

Short-Term Outlook & Trading Ideas

With new-crop flows building and old-crop stocks still visible, large cardamom is likely to stay under pressure in the near term, especially for average-quality lots. However, firm FOB Delhi quotes for green cardamom suggest that downside from here may be cushioned by festival demand and quality premiums.

• Importers/Blenders: Use current dip in large cardamom to slowly build coverage for Q4, focusing on higher grades where discounts versus historical levels are most attractive.
• Exporters in India: Lock in forward sales on bold green grades at current FOB New Delhi levels, but keep some flexibility for potential price spikes if arrivals slow unexpectedly.
• Industrial buyers: For powder and smaller grades, consider staggering purchases over the next 3–4 weeks to average costs, as additional new-crop supply could still cap rallies.
• Producers: Given the supply-heavy backdrop, prioritize quality (drying, grading, sorting) to capture existing premiums and avoid distress selling of mixed lots.

3-Day Indicative Direction (Key Indian Hubs)

• New Delhi FOB (green cardamom, all sizes): Mildly firm bias; prices likely to trade sideways to slightly higher as festival demand meets steady arrivals.
• Kerala auctions (small/green cardamom): Stable-to-firm; higher arrivals but sustained buying interest should limit downside.
• Eastern Himalayan markets (large cardamom): Soft to slightly weaker, with continued pressure from new-crop arrivals and remaining old stocks.