Mumbai, 6 September (CommoditiesControl): Domestic clove prices have remained stable following a relatively weak trading session. According to recent reports, bilty prices in Kottayam are holding steady between INR 970 and INR 980 per kilogram. In Shimoga, bilty prices are reported to range from INR 980 to INR 1000 per kilogram. The price for clove stems in Kottayam stands at INR 140 per kilogram.
Local traders indicate that markets are currently well-supplied, with the onset of harvesting in importing countries exerting pressure on prices. Lalpari cloves are priced between INR 800 and INR 820 per kilogram. Cloves of Comoros origin are trading at INR 840 to INR 860 per kilogram, while those from Madagascar range from INR 880 to INR 900 per kilogram, and Sri Lankan cloves are priced between INR 850 and INR 880 per kilogram.
Prices are expected to remain subdued during the harvest seasons of major producing regions. Imports have surged significantly over the past six months, contributing to a surplus of inventory in domestic markets, which has helped maintain lower prices.
Harvesting in Indonesia has reached its peak, with the Comoros set to begin their harvest next month. Despite this, low crop production is anticipated globally, except in Madagascar, which may limit the extent of any sharp declines in global prices.
(By CommoditiesControl Bureau; +91-9820130172)
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