Mumbai, December 02 (CommoditiesControl): Clove prices remained stable today, although they saw a rise of Rs 10 per kilogram on Saturday. Market sources attribute the recovery in prices to a decrease in imports, driven by a shortage of clove supplies from major producing countries like Indonesia and Madagascar. This limited availability has provided some upward momentum in the market.
In India, Bilty prices in Shimoga have risen by Rs 20, now standing at Rs 950 per kilogram. In Kottayam, prices have increased by Rs 10, with cloves now ranging from Rs 920 to Rs 940 per kilogram. Additionally, the price of clove stems in Kottayam has risen by Rs 3 per kilogram, now costing Rs 145 per kilogram compared to the previous session.
Global clove prices have remained stable, with quotes from Madagascar and Indonesia reported between $8,400-8,500 per metric ton and $7,200-7,300 per metric ton, respectively. However, trading activity in Madagascar has slowed as farmers are currently busy harvesting Litchi, while stocks in Indonesia are very limited, further contributing to the tight supply situation.
In other regions, the price of Lalpari cloves is estimated to range between Rs 840 and Rs 860 per kilogram. In the Comoros, cloves are priced between Rs 780 and Rs 800 per kilogram, while in Madagascar and Sri Lanka, prices range from Rs 820 to Rs 840 and Rs 780 to Rs 800 per kilogram, respectively.
Looking ahead, market expectations suggest that clove prices will remain in a broad range, with an upward bias in the coming days due to ongoing supply constraints and steady global demand. However, price movements will be influenced by the availability of fresh supplies from key producing countries.
(CommoditiesControl Bureau; +91-9820130172)
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