Indian Cardamom Holds Firm as Auction Volumes Stay High

Indian small cardamom prices are trading in a broadly firm, sideways pattern: auction averages in Kerala have eased marginally from recent peaks but remain well supported by high clearance ratios, while EUR-denominated FOB quotes from New Delhi show a modest upward drift. The current picture is of a market consolidating earlier gains rather than entering a clear downtrend. Auction data from early October indicate only slight softening in average prices compared with the previous day’s weighted levels, and more volatile peak bids are linked to individual quality lots rather than a structural shift. Large cardamom benchmarks in Northeast India are stable on last week’s indications, and export offers from India for whole and ground cardamom have inched higher in EUR terms. Weather in Kerala’s Idukki belt remains seasonally favourable, keeping arrivals healthy but not yet pressuring prices. Overall, fundamentals point to a stable to slightly firm near-term bias.

Prices

On 7 October 2026, a key small cardamom auction by Green House Cardamom Marketing India Pvt. Ltd. achieved a minimum price of ₹2,415/kg, a maximum of ₹3,644/kg and an average of ₹3,146.34/kg, with 82,488.3 kg sold out of 90,752.2 kg (around 90.9% of arrivals). This follows two auctions on 6 October with a volume‑weighted average of roughly ₹3,175/kg, making the latest session about 0.9% lower on average but still at a historically elevated level.

In the days prior, average prices generally ranged around ₹3,187–3,272/kg, with one auction on 5 October reaching a high of ₹4,374/kg for top lots. This confirms that recent small dips in the headline average are mainly micro‑moves inside a firm market rather than the start of a pronounced correction.

Supply & Demand

Auction throughput remains strong: more than 80,000 kg sold in the latest session and over 130,000 kg combined in the two auctions on 6 October underline healthy arrivals and robust demand. Clearance close to 90–100% signals that, despite slightly lower averages, buyers continue to absorb most of what is offered, especially better grades.

Large cardamom benchmarks, last officially updated on 1 October 2026, show stable spot levels across Singtam, Gangtok and Siliguri (₹1,250–1,538/kg depending on grade and centre). This stability, together with firm small cardamom auctions in Kerala and Tamil Nadu, points to an overall balanced fundamental picture rather than oversupply.

Fundamentals & Export Parity

Indicative EUR FOB offers from New Delhi for Indian green cardamom are edging higher in tandem with firm auction floors. As of early October, “Cardamom whole green, 6.0–6.5 mm, organic, 99% purity, FOB New Delhi” is quoted at 17.85 EUR, up from 17.7 EUR in late September. Larger non‑organic whole cardamom, 7.5 mm, is indicated at 26.95 EUR FOB versus 26.8 EUR previously, and 8 mm whole at 28.85 EUR versus 28.7 EUR.

Organic cardamom powder FOB New Delhi has also nudged higher to 25.35 EUR from 25.2 EUR. These incremental gains across size grades and powder confirm that the firmness seen in rupee‑denominated auction prices is feeding through to export offer levels, even as day‑to‑day auction averages fluctuate modestly.

Weather & Regional Context

Kerala’s Idukki and Bodinayakanur belt, the core origin for Indian small cardamom, is currently in the main harvest window, with conditions broadly normal for early October. Recent reports indicate continued regular e‑auction scheduling at Bodinayakanur and Puttady, suggesting no major weather disruptions to arrivals over the immediate term.

Normal to slightly favourable weather tends to support steady inflows into auction centres. Provided rainfall does not turn excessive later in October, the market is likely to stay supplied without creating the kind of sharp shortage that would trigger a sudden price spike at this stage of the season.

Trading Outlook (Next 1–2 Weeks)

• Short‑term bias is stable to slightly firm: small down‑ticks in recent averages are modest compared with the strong clearance ratios and the high peak bids for select lots.
• Importers with nearby needs may consider staggered coverage rather than waiting for a pronounced correction, as export offers in EUR have already adjusted mildly upward across several grades.
• Buyers with comfortable stocks can remain patient on scale‑down bids, watching whether mid‑October auction volumes continue at current levels or start to rise further as harvest peaks.
• Large cardamom users should treat current Northeast India prices as a stable reference; no strong signal yet suggests a major divergence versus small cardamom.

3‑Day Directional View