Mumbai, September 10 (Commodities Control): Domestic clove prices have stabilized following a period of weakness in the market. In Kottayam, bilty prices are reported to be between Rs 970 and Rs 980 per kilogram, while Shimoga sees bilty prices ranging from Rs 980 to Rs 1,000 per kilogram. The cost of clove stems is about Rs 140 per kilogram in Kottayam. Local traders indicate that the market is currently oversupplied, and the commencement of harvesting in clove-importing countries is putting additional pressure on prices.
In terms of regional prices, Lalpari cloves are trading between Rs 800 and Rs 820 per kilogram. Cloves of Comoros origin are priced between Rs 840 and Rs 860 per kilogram, Madagascar cloves range from Rs 880 to Rs 900 per kilogram, and Sri Lankan cloves are priced between Rs 850 and Rs 880 per kilogram.
The expectation is that clove prices will remain subdued throughout the harvest seasons in major producing regions. Over the past six months, imports have increased significantly, contributing to a surplus of inventory in domestic markets and helping to keep prices stable.
Harvesting is at its peak in Indonesia, with the Comoros expected to begin their harvest next month. Despite the anticipated low crop production globally, excluding Madagascar, the overall impact on global prices is expected to be limited. This is likely due to the existing surplus in inventory and the high level of imports that have kept domestic markets well-supplied.
(By CommoditiesControl Bureau; +91-9820130172)
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