Mumbai, November 8 (Commodities Control): Clove prices in major markets remained stable over the past week, though prices in key origin countries like Madagascar and Indonesia have shown an upward trend over the last 2-3 weeks. This increase in global prices is anticipated to drive up domestic prices in the near future.
Currently, Madagascar cloves are priced around $8,200 per metric ton, while Indonesian cloves stand at $7,200 per metric ton, both exhibiting stability. Madagascar's clove harvest, which is expected to conclude in two weeks—earlier than usual—may yield significantly lower production, likely resulting in sharp export price hikes.
In India’s domestic markets, bilty prices in Kottayam range between ₹880 and ₹890 per kilogram, while Shimoga holds steady at ₹910 per kilogram. The price for clove stems in Kottayam is ₹140 per kg. Madagascar-origin cloves have risen by ₹20-₹25 per kg over the past two sessions in the domestic markets.
The bilty price for Lalpari cloves has increased by ₹30-₹40 per kg in recent sessions, now ranging between ₹820 and ₹840 per kg. Other varieties include Comoros cloves at ₹770-₹800 per kg, Madagascar cloves at ₹800-₹820 per kg, and Sri Lankan cloves at ₹770-₹800 per kg.
With increasing prices from Madagascar and Indonesia, domestic markets are expected to experience a gradual price rise in the coming days, though fluctuations may vary between stability and an upward trend based on evolving supply conditions.
(By CommoditiesControl Bureau; +91-9820130172)
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