Clove Prices Remained Stable; Imports Declined After Five Months

Mumbai, July 16 (CommoditiesControl): Clove prices in major domestic markets have remained stable over the past month. In Kottayam, prices per kilogram were reported as follows: Rs 900-930 for Sri Lankan origin, Rs 910-930 for Madagascar origin, and Rs 890-920 for the Comoros origin. Domestic clove prices in Kottayam ranged between Rs 1,020 and Rs 1,040 per kilogram.

In Shimoga, clove prices remained unchanged from the previous session, ranging between Rs 1,040 and Rs 1,060 per kilogram. Additionally, clove stems in Kottayam continued to be priced at Rs 130 per kilogram.

The Ministry of Commerce reported that clove imports fell by 26% in May, totaling 2,962 metric tons (MT). However, cumulative imports for April-May were reported at 6,946 MT, reflecting a 3% decrease year-on-year. This decline in imports, the first in five months, is expected to lead to a rise in clove prices in the coming days as the market adjusts to the reduced supply.

Market analysts suggest that the stability in clove prices, despite the reduced import volumes, indicates a balanced supply-demand scenario. However, with the anticipated rise in prices due to declining imports, traders and consumers are closely monitoring the market for potential shifts.

(By CommoditiesControl Bureau: +91-9820130172)