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Stability Persists in the Domestic Clove Markets

7 Dec 2023 9:02 pm
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Mumbai, December 7 (CommoditiesControl): Domestic clove prices in major South Indian markets today sustained by consistent rates in Kottayam and Shimoga, with expectations of a significant 2024 production decrease due to weather conditions supporting prices in both markets.

In Kottayam, the prices for cloves from Comoros remained between Rs. 870 and Rs. 880 per kilogram, Madagascar's range spans from Rs. 880 to Rs. 900, and Sri Lankan cloves quoted between Rs. 890 to Rs. 910.

Meanwhile, the cost of domestic cloves in Kottayam remains steady, holding firm between Rs. 1,030 and Rs. 1,050 per kilogram, matching the rates of the preceding session. In Shimoga, the price per kilogram fluctuates between Rs. 1,020 and Rs. 1,040. Clove stems maintain their value at Rs. 185 per kilogram in Kottayam, mirroring the figures from the previous session.

Over the past three months, both locally cultivated and imported clove prices have exhibited stability in the major markets of Kerala and Tamil Nadu. This trend is attributed to consistent pricing in both domestic and international spheres, a consequence of diminished production in key clove-producing nations like Indonesia.

Additionally, there is anticipation within the market of a substantial decline in production during the 2024 season. This expectation stems from weather anomalies affecting major clove-producing countries, which are projected to impact standing crops. The resultant decrease in supply is poised to uphold prices, influencing both domestic and global markets.




(By CommoditiesControl Bureau; +91-9820130172)


       
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