Mumbai, August 2 (CommoditiesControl): Clove prices in the domestic markets have declined by Rs 20-30 per kilogram, marking a drop after a period of stability lasting 1.5 months. In Kottayam, prices for domestic cloves are currently ranging between Rs 980 and Rs 1,000 per kilogram. The price drop is attributed to low demand and the commencement of harvesting in major producing regions.
The market is also experiencing downward pressure as stockists clear out their existing inventory to make way for the new crop. Additionally, reports suggest that Indonesian clove quotes are significantly lower, which is impacting global clove prices and contributing to the negative trading sentiment.
The harvest season in key clove-producing regions is expected to exert further downward pressure on prices. Moreover, a substantial increase in imports over the past six months has led to an oversupply in the domestic market, which is likely to keep price increases in check in the near term.
(By CommoditiesControl Bureau: +91-9820130172)
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