Mumbai, November 13 (CommoditiesControl): Clove prices have continued to trade steadily across major markets in India for the past eight to ten sessions, with no significant price fluctuations. Despite this stability, market participants are expecting a potential rise in prices in the near future, driven by increasing international prices and tightening domestic supply.
In the international market, prices for cloves from key producing countries have been on the rise over the past two to three weeks:
- Indonesian cloves are currently priced at $7,300 per metric ton.
- Madagascar cloves are being quoted at $8,400 per metric ton.
However, market sources indicate that Madagascar sellers have become more reluctant to sell due to a declining domestic output. This reduced availability, coupled with the fact that Madagascar’s harvesting season is expected to last only two weeks, may further constrain supply. Unlike previous years, the harvest period in Madagascar is much shorter than usual, making it a critical period for suppliers.
In the Indian domestic market, prices have remained relatively stable but are showing signs of an upward trend. In Shimoga, bilty prices (which refer to the wholesale price for cloves in bags) are holding steady at Rs 910 per kilogram. In Kottayam, prices range between Rs 880-890 per kilogram.
Clove stem prices in Kottayam have seen a slight increase, rising by Rs 2 per kg compared to the previous session, now priced at Rs 142 per kilogram.
Lalpari, a variety of clove, is expected to cost between Rs 820-840 per kilogram, reflecting an increase of Rs 30-40 per kilogram over the past two sessions.
In terms of origin-specific varieties:
- Comoros clove is priced between Rs 770-800 per kilogram.
- Madagascar clove is priced between Rs 800-820 per kilogram.
- Sri Lankan clove is trading in a similar range, between Rs 770-800 per kilogram.
Local market sources suggest that sellers in Madagascar have slowed down sales, as they are now focused on the Litchi harvest, which is diverting attention from clove exports. However, the market anticipates that selling pressure will likely return by early December, as farmers and sellers in Madagascar will need cash for the Christmas and New Year celebrations, traditionally a busy period for consumer spending.
Looking ahead, clove prices are expected to remain stable with a slight upward bias. As the exchange rates between Madagascar and Indonesia continue to fluctuate, domestic prices in India may also rise, reflecting the tightening supply and increasing international price trends.
(By CommoditiesControl Bureau; +91-9820130172)
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