India’s spice market continues to witness sustained weakness, with key commodities such as cumin, turmeric, and coriander trading at multi-week lows. Market data indicates persistent selling pressure across major contracts, reflecting subdued demand trends and fluctuating supply dynamics.

Cumin Falls Below ₹22,000, Touches Six-Week Low

Cumin prices have slipped sharply in recent sessions, falling below the ₹22,000 mark and reaching their lowest level in six weeks. Although there was a marginal weekly uptick of 0.37% on the National Commodity & Derivatives Exchange (NCDEX), the broader trend remains weak.

On a monthly basis, cumin prices have declined by approximately 3%. However, since January 2026, the commodity has managed to post a modest gain of around 3%, suggesting short-term volatility within a longer-term stabilizing trend.

Market participants attribute the recent dip to adequate supplies in mandis and cautious buying by traders. Export demand has also remained moderate, limiting upward momentum in prices.

Coriander Extends Losing Streak for Third Consecutive Week

Coriander prices are also under notable pressure. The commodity has fallen to a five-week low, marking its third straight week of decline. Over the past three weeks, coriander has dropped nearly 9%, reflecting sustained bearish sentiment.

Weekly data shows a 2% decline, although prices have edged up around 2% over the last month. Since January 2026, coriander has recorded a mild 1% gain, indicating mixed performance despite the recent downward trajectory.

Traders suggest that improved arrivals in producing regions and muted export inquiries have weighed on prices. The consistent decline over multiple weeks signals cautious market sentiment among bulk buyers and stockists.

Turmeric Drops to Two-Month Low Amid Ongoing Weakness

Turmeric has emerged as one of the worst-performing spices in recent weeks. Prices have slipped below ₹14,600, touching their lowest level in two months. The commodity has remained under pressure for the second consecutive month.

On the NCDEX, turmeric prices declined about 3% over the past week. The monthly drop stands at roughly 7%, while the cumulative decline over the last two months has reached nearly 11%. Since the beginning of January 2026, turmeric prices have fallen by around 3%.

Industry analysts point to comfortable supply levels and subdued domestic demand as key factors behind the ongoing correction. Export activity has not been strong enough to offset the selling pressure, keeping prices capped.

Broader Trend in the Spice Market

The overall spice segment appears to be navigating a phase of consolidation, with most contracts trading below recent highs. Market experts believe that price movements in the coming weeks will largely depend on fresh demand triggers, export orders, and crop outlook updates from major producing states.

Weather conditions and stock levels in wholesale markets will also play a critical role in determining short-term direction. Traders are closely monitoring procurement patterns and any signs of supply tightening that could potentially reverse the trend.

ISMA Updates on Sugar Exports and Ethanol Capacity

Separately, the Indian Sugar Mills Association (ISMA) shared an update on sugar exports. According to the industry body, only 400,000 tonnes of sugar have been exported so far, despite approval for 1.5 million tonnes. An additional 500,000 tonnes of exports have recently received clearance.

ISMA stated that recent government decisions are unlikely to significantly alter the export landscape. The association also clarified that ethanol is not part of any proposed India–US trade arrangement. Officials emphasized that farmers’ interests remain protected, with no concessions made on that front.

India continues to maintain surplus sugar production, positioning itself as an exporter, while the United States remains a net importer. Discussions regarding zero tariffs on sugar imports could be explored, though no formal announcement has been made.

Regarding ethanol, ISMA highlighted that India already has a production capacity of 2,000 crore liters, with an additional 500 crore liters expected to come online. However, domestic consumption stands at nearly half of the existing capacity, indicating a clear surplus in ethanol production potential.

Outlook for Traders and Investors

With cumin, coriander, and turmeric trading near multi-week lows, traders are advised to monitor supply flows and export demand carefully. Any shift in global buying interest or domestic procurement could influence price trends in the near term.

For now, the spice market remains under pressure, with cautious sentiment prevailing across major contracts on the NCDEX.