Clove Prices Remain Stable Amid Sufficient Supply and Reduced Production Prospects

Mumbai, November 5 (Commodity Control): Clove prices have remained steady across major markets in India over the past week, with supply levels sufficient to meet demand. Local traders report adequate stock levels, bolstered by imports, which is keeping prices stable. While Indian buyers are seeking higher prices, the lack of sellers from Madagascar suggests that any significant price drop in both global and domestic markets is unlikely.

The stability in prices is further supported by anticipated production declines in several African countries. In the international market, clove from Madagascar is priced around $8,000 per metric ton, while Indonesian clove costs approximately $7,200 per metric ton. Notably, Indonesian clove prices have seen a minor increase of $100 per metric ton, whereas Madagascar prices have largely held steady.

In India, bilty prices for clove vary between regions: in Kottayam, prices range from INR 880 to INR 890 per kilogram, while in Shimoga, prices are around INR 910 per kilogram. The price for clove stems in Kottayam remains unchanged at INR 140 per kilogram.

Additional regional prices include:
- Lalpari Clove: INR 770-780 per kg.
- Comoros Clove: INR 770-800 per kg.
- Madagascar Clove: INR 780-800 per kg.
- Sri Lanka Clove: INR 770-800 per kg.

With the ongoing harvest season in global markets, clove prices are expected to remain stable in the short term. Although current supply is adequate, the anticipated drop in global production may prevent any major decline in clove prices in the near future.

(By CommoditiesControl Bureau; +91-9820130172)