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Mumbai, September 20 (Commodities Control): Clove prices have begun to fall once more, following a weak trading session. Major markets in South India reported a decrease of Rs 10 per kg. In Kottayam, bilty prices are estimated between Rs 930 and Rs 940 per kilogram, while Shimoga's bilty costs range from Rs 950 to Rs 960 per kilogram. Additionally, the price for clove stem in Kottayam is down by Rs 2, now standing at Rs 136 per kilogram.
Prices from various origins have stabilized after a recent decline over the past few sessions. Lalpari cloves are priced between Rs 780 and Rs 800 per kilogram. Cloves from Comoros are fetching around Rs 800-820, while Madagascar's prices are between Rs 800-830, and Sri Lanka's range from Rs 820 to Rs 840 per kilogram.
On the global front, Indonesia is projected to produce between 120,000 and 140,000 tons of cloves, while Madagascar's output is estimated at approximately 12,000 tons. However, other minor origins, including Madagascar, Comoros, and Sri Lanka, are expected to see reduced production due to flooding and heavy rains.
Market analysts anticipate that prices will remain stable in the short term before experiencing further declines of Rs 50-60 per kg from recent highs. An oversupply in domestic markets is contributing to the price drop, as harvesting in Indonesia is already underway and is set to begin in Comoros next month.
(By CommoditiesControl Bureau; +91-9820130172)
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