Mumbai, September 11 (CommoditiesControl): Clove prices in domestic markets have weakened after several sessions of stability, primarily due to an oversupply. Local traders report that the market is currently oversupplied, and the onset of harvesting in importing countries is adding further downward pressure on prices.
In Kottayam, bilty clove prices are quoted between Rs 960 and Rs 970 per kilogram. Similarly, in Shimoga, bilty clove costs range from Rs 970 to Rs 990 per kilogram. Clove stems are priced at Rs 138 per kilogram in Kottayam, which reflects a Rs 2 decrease from previous rates. Lalpari clove prices range between Rs 800 and Rs 820 per kilogram.
Clove prices based on origin are as follows: Comoros origin ranges from Rs 830 to Rs 850 per kilogram, Madagascar cloves are priced between Rs 870 and Rs 890 per kilogram, and Sri Lankan cloves cost between Rs 840 and Rs 870 per kilogram.
The current low prices are expected to persist during the peak harvesting seasons in major producing regions. Over the past six months, there has been a significant increase in clove imports, contributing to the surplus inventory in domestic markets and further suppressing prices.
Harvesting is at its peak in Indonesia, and the Comoros is expected to start its harvest next month. While global crop production is generally anticipated to be low, with Madagascar being a notable exception, this could prevent a sharp decline in global clove prices. Despite this, the overall increase in supply and domestic inventory surplus are likely to keep prices subdued in the near term.
(By CommoditiesControl Bureau; +91-9820130172)
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