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Steady Sentiment Prevails in Cloves Prices Across Key Markets

4 Oct 2023 10:46 pm
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Steady Sentiment Prevails in Cloves Prices Across Key MarketsIn a consistent show of stable market sentiment, clove prices remain unchanged in the primary markets of Kottayam, indicating robust demand. The current pricing for Comoros origin cloves stands at Rs. 870-880 per kilogram, while Madagascar origin fetches between Rs. 880-900 and Sri Lanka origin is priced between Rs. 890-910.

Domestic cloves, on the other hand, are priced between Rs. 1,020 and Rs. 1,040 per kilogram in Kottayam, mirroring the rates from the prior trading session. In Shimoga, prices are marginally varied, ranging between Rs. 1,000 and Rs. 1,040 per kilogram.

Additionally, the rate for clove stems in Kottayam remains unchanged at a steady Rs. 180 per kilogram.

Markets in both Kerala and Tamil Nadu have seen unvarying prices for both domestic and imported cloves, pointing to a sustained balance between demand and supply. One significant factor behind the escalating clove prices, both domestically and globally, is the reported reduction in production from key clove-producing nations, notably Indonesia.

Interestingly, despite the consistent pricing, the market has remained stable for the past month. This stability underscores the strength of demand, as most end-users seem to be making purchases based on immediate requirements. On the other hand, stockist activity is reported to be relatively subdued.

Market analysts anticipate that the short-term outlook for clove prices will remain stable. This prediction is rooted in the expectation of higher imports which will likely meet the ongoing strong demand.

(By Commoditiescontrol Bureau; +91-9820130172)


       
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