Mumbai, October 09 (CommoditiesControl): Clove prices in major markets have demonstrated stability for the fourth consecutive session, indicating a balance between supply and demand. Local traders report a decrease of Rs 120-140 per kg since recent peaks, with expectations that prices will stabilize around Rs 900, as sellers show reluctance to offload their stock.
In Kottayam, bilty prices are quoted between Rs 900 and Rs 910 per kilogram, while in Shimoga, they range from Rs 920 to Rs 930 per kilogram. The price for clove stems in Kottayam remains steady at Rs 137 per kilogram.
Prices from various origins have also shown stability for three sessions. The cost of lalpari clove varies between Rs 780 and Rs 800 per kilogram. Sourced clove from Comoros is priced at approximately Rs 800-820 per kilogram, while Madagascar ranges from Rs 840 to Rs 850, and Sri Lanka prices fall between Rs 820 and Rs 840. Given the prior price declines and expected low production levels in African countries, a significant drop in prices is considered unlikely.
Market analysts predict that prices will stabilize over the coming days before beginning an upward trajectory. Additionally, reduced imports in July are expected to support price stability in the near term.
(By CommoditiesControl Bureau; +91-9820130172)
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