Mumbai, February 26 (CommoditiesControl): Domestic clove prices were reported as stable in recent market updates, reflecting consistency in the pricing trends. In Kottayam, prices for Comoros cloves ranged from Rs. 860 to Rs. 870 per kilogram, while Madagascar cloves were priced at Rs. 860 to Rs. 880 per kilogram. Sri Lankan cloves, on the other hand, were priced between Rs. 890 and Rs. 920 per kilogram. After a two-session decline, domestic clove prices in Kottayam stabilized at Rs. 950 to Rs. 980 per kg.
The stability in prices comes amid higher supply resulting from increased imports and a decrease in exports, contributing to the overall pressure on domestic market prices. This shift follows a period of stability in domestic prices, with the excess supply attributed to heightened import activities.
In Shimoga, the price per kilogram for cloves ranged between Rs. 1,000 and Rs. 1,020, maintaining stability compared to the previous session. Clove stems in Kottayam were priced at Rs. 160 per kilogram, consistent with the rates observed in the previous session.
The Department of Commerce's import data for December indicates a sharp year-on-year increase in imports, primarily fueled by higher import volumes from Madagascar and Tanzania. In contrast, imports from the Comoros experienced a significant decline. December's import figures stood at 1,304 MT, marking a 28% year-on-year increase. The cumulative imports from April to December totaled 15,431 MT, reflecting a substantial 40% year-on-year increase. In contrast, exports reported a 59% decline for the month.
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