Mumbai, March 28 (Commodities Control): Clove prices continue to show downward trend, influenced by robust import activities and subdued export demand.
In Kottayam, prices range from Rs. 840 to Rs. 860 per kilogram for Comoro origin, Rs. 850 to Rs. 870 for Madagascar origin, and Rs. 850 to Rs. 880 for Sri Lankan origin. Domestic clove prices in Kottayam are reported to be lower by Rs 10-20 per kg, ranging from Rs 900 to Rs 930 per kg. The market is experiencing increased supply due to increased imports coupled with reduced export figures, thereby exerting downward pressure on domestic prices.
Similarly, in Shimoga, the price per kilogram ranges between Rs. 930 and Rs. 950, reflecting a decrease of Rs 20-30 per kg from the previous session. Additionally, clove stems in Kottayam were priced at Rs 130 per kilogram, Rs 5 lower than the previous session.
The Ministry of Commerce released import data for January, indicating a significant increase in imports. Total imports for the month amounted to 2,095 MT, marking a 23% rise. From April to January, imports totaled 17,527 MT, reflecting a substantial 38% increase year on year. The surge in monthly imports is primarily attributed to stronger imports from Madagascar, which were reported to be 374% higher year on year.
(CommoditiesControl Bureau; +91-9820130172)
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