India’s spice complex finally found its buyer this fortnight, and coriander made the clearest move of any market in Vesper’s biweekly report. Delhi Badami climbed roughly nine percent in under two weeks, from about $1.49/kg to $1.61-1.63/kg, while arrivals at Baran, Rajasthan’s key coriander terminal, ran at just 250 to 400 bags for nearly the entire period. By the close the rally had spread beyond Delhi: NCDEX coriander hit its upper circuit limit on June 29, and Gujarat’s APMC markets reportedly recorded a lifetime-high procurement cost a day later.
Cumin staged its sharpest rally of the season before profit-booking pulled it partway back. Turmeric’s price move was modest but its stock arithmetic was not: old carryover is roughly 90 percent cleared, and this season’s estimated 90 lakh bags of production sit against annual consumption near 140 lakh bags. Black pepper eased for the first time in months as Kerala and Karnataka farmers finally released stock, and both cardamoms moved higher.
The common thread was the June 17 memorandum between the US and Iran and reports that the Strait of Hormuz would reopen to shipping. That news gave export-facing spice markets a real reason to buy. The report is careful about what the memorandum actually established, though: a 60-day negotiating framework rather than a settled outcome, with shipping conditions still mixed through the end of the fortnight. Sentiment improved; execution risk did not resolve.
The full biweekly report covers all six markets in detail, including sowing deficits across Gujarat, Rajasthan and Madhya Pradesh, the China residue dispute hanging over red chilli exports, and where traders see fair value from here.