Mumbai, October 28 (Commodities Control): Following a weak session last Thursday, clove prices in major markets have stabilized. Local traders report that sufficient supply, bolstered by favorable imports, is influencing current trading prices. Additionally, the high demand observed in August and September continues to play a role in the market trends.
Despite concerns about production decreases in African nations, a significant price drop seems unlikely. Currently, clove prices from Madagascar are approximately $8,100 per metric ton, while those from Indonesia are around $7,100 per metric ton. These price quotes have largely remained unchanged.
In Kottayam, the cost of bilty (whole cloves) ranges from Rs 880 to Rs 890 per kilogram, while in Shimoga, prices hold steady at Rs 910 per kilogram. The price for clove stem in Kottayam remains unchanged at Rs 140 per kilogram.
Market sentiment appears weak, particularly as prices from various origins reflect downward trends. The anticipated bilty price for lalpari cloves is estimated between Rs 750 and Rs 760 per kilogram. Price ranges from other regions include Comoros (Rs 770-800), Madagascar (Rs 780-800), and Sri Lanka (Rs 770-800).
Looking ahead, prices are expected to remain stable as current harvesting activities in global markets are anticipated to keep supply in check. However, the forecasted decrease in global production may provide some price support, ensuring that the market remains balanced in the near term.
(By CommoditiesControl Bureau; +91-9820130172)
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