Mumbai, April 29 (Commodities Control): Imported clove prices in Kottayam remained steady, with Comoros cloves quoted between Rs. 840 to Rs. 860 per kilogram, Madagascar cloves quoted Rs. 850 to Rs. 870, and Sri Lankan cloves priced at Rs. 850 to Rs. 880 per kilogram.
Domestic clove prices in Kottayam also held firm, ranging from Rs. 880 to Rs. 900 per kilogram over the past two weeks. The surge in import volumes has bolstered supply, exerting influence on domestic market prices.
In Shimoga, clove prices remained unchanged from the previous session, maintaining a range of Rs. 900 to Rs. 920 per kilogram. Similarly, clove stems retained their price at Rs. 125 per kilogram in Kottayam, aligning with the rates observed in the preceding session.
Meanwhile, the Department of Commerce released its February export data, revealing a significant uptick in clove imports, totaling 3,526 metric tons, marking a 52% increase. This surge can be attributed to notable rises in imports from Madagascar and Indonesia. Total imports from April to February recorded a year-on-year increase of 40%, reaching 1,053 tons. However, exports witnessed a decline of 51%. The heightened supply resulting from increased imports is expected to exert pressure on prices in the near future.
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