A deep depression crossed the North Andhra Pradesh and South Odisha coast on 23 and 24 September, bringing strong winds and rain into parts of Andhra Pradesh. Arrivals of red chili at Guntur, which had been running at roughly 50,000 bags, fell to around 20,000 to 25,000 bags at the worst point before recovering toward 30,000. Prices held all the same: Guntur Teja stayed around $229 to $240 per quintal through the disruption, and the Delhi 334 grade was still near $292 per quintal on 27 September, close to where the first half of the month had taken it.
Vesper’s spices report puts the ceiling down to exports. April to May shipments for FY2026-27 reached 120,000 tonnes, down 35% in volume from 185,000 tonnes a year earlier, while earnings were flat. With Chinese demand sluggish, traders expect the next move to be soft, and say export demand has to improve before the weather risk can turn into a lasting rally.
Cardamom split in two. Small cardamom moved higher even as auctions handled six-figure volumes: the Delhi 7.5 mm reference climbed from around $28.68 to $29.72 per kg to as much as $32.33 per kg. Exports are the strongest support there, with April to May shipments up about 50% in volume on the year. Big cardamom went the other way, sliding as new crop arrived from Assam, Sikkim and Nepal.
Cumin kept its festival gains without adding to them. Delhi ordinary spent most of the second half between about $2.39 and $2.42 per kg, and traders now say the next real move depends on sowing, which begins around Diwali. Some trade estimates point to large acreage cuts in Gujarat and Rajasthan, though those figures are still market talk rather than settled crop numbers.
Coriander softened slightly despite thin arrivals at Baran and Ramganj, as buyers waited rather than chased. Turmeric swung hard in Erode and closed the month near where it started, with the late rebound holding into the close. Delhi Mercara black pepper barely moved, but Indian buying has lifted Sri Lankan values, raising the import parity that used to cap the market.
The full report has the arrival figures, futures spreads and grade-by-grade ranges for all six markets.
