Clove Prices Trade Higher Amid Lower Imports in March

Mumbai, May 23 (Commoditiescontrol): Clove prices have continued to rise, driven by lower imports in March and stable demand in the domestic market.

In the Kottayam market, imported clove prices have increased by Rs 20-30 per kilogram, with Comoros cloves now ranging from Rs 870 to Rs 900 per kilogram, Madagascar cloves from Rs 880 to Rs 900 per kilogram, and Sri Lankan cloves similarly priced at Rs 880 to Rs 900 per kilogram. Domestic clove prices in Kottayam remain stable, ranging between Rs 960 and Rs 980 per kilogram.

According to the Department of Commerce, March imports totaled 2,636 MT, marking an 11% year-on-year decrease, although cumulative imports from April to March reached 23,689 MT, a 32% year-on-year increase. In Shimoga, clove prices have risen by Rs 30-40 per kilogram, now ranging between Rs 980 and Rs 1,000 per kilogram.

Additionally, clove stems in Kottayam have increased by Rs 3, reaching Rs 128 per kilogram. The rise in clove prices is attributed to lower March imports, stable domestic demand, and regional price increases, with the overall market sentiment indicating firm prices in the near term due to the interplay of import levels and demand stability.

(By CommoditiesControl Bureau: +91-9820130172)