Mumbai, October 29 (Commodities Control): Clove prices in major markets have remained stable for the fourth consecutive session, attributed to sufficient supply bolstered by favorable imports. Local traders report that while Indian buyers are quoting higher prices, a lack of sellers from Madagascar suggests that further price drops are unlikely in both domestic and global markets.
Projected decreases in production from African nations reinforce the stability of clove prices. Currently, Madagascar cloves are priced at approximately $8,100 per metric ton, while Indonesian cloves are at $7,100 per metric ton. Price quotes from both regions have shown little change over the past week.
In India, bilty prices in Kottayam range from Rs 880 to Rs 890 per kilogram, while in Shimoga, prices hold steady at Rs 910 per kilogram. Clove stems in Kottayam remain at Rs 140 per kilogram. The anticipated bill price for Lalpari is estimated between Rs 770 and Rs 780 per kilogram. Comoros origin cloves are trading between Rs 770 and Rs 800, with Madagascar cloves priced between Rs 780 and Rs 800, and Sri Lanka cloves ranging from Rs 770 to Rs 800 per kilogram.
Looking ahead, prices are expected to maintain stability due to ongoing harvesting activities and anticipated reductions in global production, which are likely to support market prices.
(By CommoditiesControl Bureau; +91-9820130172)
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