Indian Cardamom Prices Edge Higher as Auctions Stay Firm and Weather Supports Crop

Indian cardamom prices are grinding higher, with New Delhi FOB levels up modestly week‑on‑week while Spices Board auction averages hover above ₹3,100/kg. Firm festival and export demand, combined with steady arrivals from Kerala’s Idukki belt and seasonally benign weather, are keeping the market supported. Indian small cardamom remains in a broadly firm phase at the start of November. Spices Board e‑auctions at Bodinayakanur and Puttady show average prices around the mid‑₹3,000s per kg on 5–6 November, with strong clearances and healthy lot participation, indicating that buyers are willing to absorb the flow of fresh crop. In parallel, our New Delhi FOB quotations for key grades moved up again on 6 November, extending a steady uptrend that began in mid‑October. With Idukki weather currently dry‑to‑lightly‑showery rather than excessively wet, crop quality is holding up and there is no immediate weather‑driven pressure on supply.

Prices

FOB New Delhi prices (EUR) for Indian green cardamom on 6 November 2026 show another incremental rise versus the previous quotation date:

Across these key grades, FOB levels are up by roughly 0.5–3% versus the end of October, extending a staircase pattern of small weekly increases.

At origin, Spices Board small cardamom auctions on 5–6 November reported weighted average prices in the low‑₹3,000s per kg, with some best lots fetching above ₹3,700/kg and large daily volumes cleared. This confirms that the firm undertone seen in Delhi export offers is aligned with domestic wholesale dynamics.

Supply & Demand

Arrivals from the main producing belt in Idukki (Kerala) and neighbouring Bodinayakanur (Tamil Nadu) remain seasonally active following the October–November harvest window, but daily auction data do not point to a glut; quantities sold around 50–100 tonnes per auction are being well absorbed.

On the demand side, domestic festival‑related offtake is ebbing but still supportive, while export interest remains healthy, building on the roughly 9% year‑on‑year growth in small cardamom export volumes and much stronger export values in the last completed marketing year. Traders report particularly steady buying from Middle East and South Asian markets via Indian re‑exports.

Weather & Crop Conditions (IN)

Recent observations from Idukki’s cardamom hill reserves and surrounding towns (Kumily, Vandanmedu, Nedumkandam, Rajakumari, Santhanpara, Bodimettu, Bodinayakanur) show mostly dry to light‑rain conditions over the last three days, with no heavy rainfall episodes.

Such weather is broadly favourable for harvesting and post‑harvest curing, helping maintain capsule quality and reducing the risk of fungal damage. With the main picking cycle still underway in November, the absence of disruptive rains limits short‑term supply shocks and supports a more orderly flow of arrivals into the auctions.

Fundamentals & Outlook

• Firm but not overheated: Auction averages have drifted from roughly ₹3,000/kg to above ₹3,100/kg between early and mid‑week, while our FOB quotations show similar incremental gains. The move is orderly rather than speculative.
• Exports remain a key pillar: The latest official trade data confirm structurally higher export volumes and values for small cardamom in 2024‑25, underlining continued overseas demand at current price levels.
• Balanced arrivals: Daily auction volumes are sizeable yet fully cleared, suggesting that supply is adequate but not burdensome; this keeps a floor under prices as long as weather stays cooperative.

Trading View & 3‑Day Direction (IN)

• For buyers (importers, packers): Consider covering near‑term needs soon; the current firm but orderly tone suggests limited downside in the very short run, while upside risk persists if export enquiries stay active.
• For sellers (exporters, aggregators): Use the current strength to scale up sales on rallies, especially in higher grades (7.5 mm and 8 mm), while keeping some exposure in case tightness extends into late November.
• For traders: Short‑term strategies can lean mildly long with tight risk limits, given the supportive auction trend and benign weather backdrop.

Over the next three trading days, Indian small cardamom prices at origin auctions and corresponding New Delhi FOB indications are likely to remain slightly firm to steady: modest further upside cannot be ruled out if volumes stay well absorbed, but a sharp spike appears unlikely without a new weather or supply shock.