Indian Green Cardamom Prices Hold Firm as New Season Begins Quietly

Indian green cardamom export offers from New Delhi are stable, tracking firm but slightly easing auction averages above the equivalent of EUR 27–32/kg for standard small-cardamom grades. Export quotations in New Delhi for whole green cardamom (FOB, 6.5–8 mm) are unchanged on 27 August 2026 versus the previous week, indicating a pause after earlier gains driven by tight pre-season stocks and firm domestic auctions. Current Spices Board e-auction data show average small-cardamom prices hovering just under INR 3,000–3,100/kg, with moderate arrivals and good sell-through, suggesting a well-supported but not overheating market as the 2026/27 marketing season gets underway.

Prices

FOB New Delhi offers on 27 August 2026 sit around EUR 27.8/kg for 8 mm whole green cardamom, EUR 25.9/kg for 7.5 mm, and EUR 22.9/kg for 6.5–6.8 mm, with no change from 21 August levels. Organic small sizes and powder trade at a discount, near EUR 17–25/kg, also flat week-on-week. Indian auction data from Puttady and Bodinayakanur show recent weighted-average small cardamom prices close to INR 3,000/kg, with maximums near INR 3,600–3,900/kg in late August, reinforcing a firm but slightly softer tone versus mid-month peaks.

Supply & Demand

The 2026/27 Indian small-cardamom season started on 1 August with low carry-in stocks and expectations of reduced production in both India and Guatemala, underpinning prices despite recent auction softness. Auction archives up to 26 August show healthy arrivals and high sale ratios at Kerala and Tamil Nadu e-auctions, indicating solid domestic and export demand. Gulf markets remain the key export outlet, though some traders report a cautious tone in Dubai wholesale channels, encouraging more disciplined forward sales from Indian exporters.

Market intelligence platforms tracking Spices Board data describe the near-term trend as mildly downward after strong gains earlier in August, consistent with our observation of flat New Delhi FOBs and slightly easing auction averages. Nonetheless, current average auction prices are still significantly higher than March 2026 levels, confirming an overall firm fundamental backdrop driven by tighter global availability and resilient regional consumption.

Weather & Crop Conditions (India)

Cardamom belt weather in Kerala and Tamil Nadu has been broadly supportive: June reports highlighted good to moderate plantation conditions under a favourable southwest monsoon outlook. While very recent district-level rainfall bulletins for Idukki are not yet consolidated, no major flood or drought disruptions have been flagged in late August cardamom market commentaries, and auction arrivals appear normal to slightly tight, pointing to adequate but not excessive field moisture.

Over the coming week, the typical late-monsoon pattern of frequent showers and moderate temperatures in the Western Ghats should support berry filling and quality development, but also limit a rapid surge in arrivals. In this context, weather is mildly price-supportive: farmers are not under acute pressure to liquidate stocks, while buyers remain attentive to any sign of disease or excessive rain that could affect quality and shrink tradable volumes.

Fundamentals & Price Drivers

• Tight starting stocks: Low carry-over into the 2026/27 season and expectations of smaller Indian and Guatemalan crops are the core bullish drivers keeping auctions near or above INR 3,000/kg on average.
• Firm but easing auctions: Recent e-auction results show strong clearance rates but a slightly easing weighted average compared with mid-August highs, which is now reflected in sideways export offers ex-Delhi.
• Active domestic and Gulf demand: Indian consumption absorbs roughly 95% of national production in normal years, while steady Gulf buying offers an export floor, even as some importers act cautiously on high prices.
• Speculative positioning: With new-season uncertainty and talk of lower global output, growers and intermediate traders may be inclined to hold back better lots, which can amplify price moves on any demand shock.

Short-Term Outlook & Trading Ideas

• FOB New Delhi (3-day bias): With auctions steady and no fresh weather or policy shocks, we expect a broadly sideways to slightly firm bias (0–2% range) for standard whole green grades over the next three trading days.
• Buyers: Consider covering near-term needs on any minor dips towards the lower end of the recent EUR 23–28/kg band for mainstream sizes, prioritising consistent colour and bold grades before festive-season demand intensifies.
• Sellers: Maintain offer discipline at current levels; only top-quality, well-cleaned 7.5–8 mm lots may command modest premia, while aggressively higher asks risk pushback from cautious Gulf and domestic blenders.
• Risk factors: Watch for any confirmed downward revision in 2026/27 crop estimates or weather-related quality issues in Idukki and Bodinayakanur, which could quickly tighten the market and lift FOBs by 5–10% from current levels.

3-day regional price indication (directional, EUR):

• New Delhi FOB whole green 7–8 mm: stable to +1% around EUR 24–28/kg.
• New Delhi FOB small/organic grades: stable around EUR 17–25/kg, with limited liquidity in larger spot parcels.