Mumbai, September 13 (CommoditiesControl): Clove prices have remained stable for the second consecutive session, reflecting a period of market equilibrium despite previous fluctuations. This stability comes amid a backdrop of high inventory levels and increased global harvesting.
In domestic markets, clove prices have shown consistency, with minimal activity from sellers contributing to the stability. Local traders note that the market is currently oversupplied due to higher imports, and the onset of harvesting in key producing regions is anticipated to exert downward pressure on prices.
In Kottayam, bilty prices are reported between Rs 960 and Rs 970 per kilogram, while in Shimoga, prices range from Rs 970 to Rs 990 per kilogram. The price for clove stems remains steady at Rs 138 per kilogram in Kottayam, maintaining consistency with the previous session’s rates.
Internationally, clove prices in the Comoros, Madagascar, and Sri Lanka have seen a decrease of Rs 20 per kilogram compared to recent levels. Specific price ranges are as follows:
- Comoros Origin: Rs 810 to Rs 830 per kilogram
- Madagascar Origin: Rs 850 to Rs 870 per kilogram
- Sri Lanka Origin: Rs 820 to Rs 850 per kilogram
Lalpari cloves are priced between Rs 800 and Rs 820 per kilogram, reflecting a slight adjustment in the market.
Looking ahead, clove prices are expected to face downward pressure as harvesting intensifies. The peak of the harvest in Indonesia and the upcoming harvest season in the Comoros are likely to contribute to increased supply, which may lead to a further decrease in prices. Despite these anticipated declines, the current surplus of inventory in domestic markets is expected to help maintain price stability for the time being.
Overall, while the immediate outlook suggests a potential for lower prices, the existing inventory levels and the gradual increase in supply from harvesting regions are likely to influence the market dynamics in the coming days.
(By CommoditiesControl Bureau; +91-9820130172)
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