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Mumbai, 04 Oct 2024 (Commoditiescontrol):Clove prices in major Indian markets slipped by ₹10 per kilogram after maintaining stability for five sessions, as harvesting activities began in key regions like Zanzibar and Madagascar. The fresh harvest has exerted downward pressure on prices, driven by lower origin prices.
In Madagascar, the harvesting season has commenced but is expected to be shorter due to reduced production levels.Moisture content remains high at the farm gate, between 20-25%. However, the quality of dried cloves is reportedly excellent, creating favorable buying opportunities as prices are discounted due to the higher moisture content.
In domestic markets, bilty prices in Kottayam are quoted between ₹900 and ₹910 per kilogram, while Shimoga markets are trading at ₹920 to ₹930 per kilogram. Meanwhile, clove stem prices in Kottayam held steady at ₹137 per kilogram.
Prices across various origins have stabilized after an initial decline earlier in the previous week. Lalpari cloves are priced at ₹780 to ₹800 per kilogram, while Comoros-origin cloves are trading at ₹800 to ₹820 per kilogram. Madagascar-origin cloves are quoted at ₹840 to ₹850 per kilogram, and Sri Lankan cloves range between ₹820 and ₹840 per kilogram.
Market analysts expect prices to remain stable over the next few days, having already dropped by ₹100-120 per kilogram from recent peaks. Additionally, lower import volumes in recent months are likely to support price stability in the near term.
(By Commoditiescontrol Bureau; +91-9820130172)
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