Stability Persists in Clove Prices Despite Domestic Pressures

Mumbai, February 28 (Commodities Control): Clove prices have exhibited a remarkable stability in various markets, with Kottayam recording prices ranging from Rs. 860 to Rs. 870 per kilogram for Comoros, Rs. 860 to Rs. 880 for Madagascar, and Rs. 890 to Rs. 920 for Sri Lanka. However, a noteworthy shift is anticipated in domestic prices in Kottayam, which are expected to stabilize between Rs. 950 to Rs. 980 per kg after experiencing a decline in the last two sessions.

The domestic market has witnessed a departure from its prolonged period of stability, as prices in Kottayam are showing signs of adjustment due to increased imports and reduced exports. The influx of higher supplies is exerting pressure on domestic prices, leading to a shift from the recent stability. Despite the recent fall, the expected range of Rs. 950 to Rs. 980 per kg indicates that the market is likely to find a new equilibrium after the recent fluctuations.

Shimoga, on the other hand, has maintained a consistent price range of Rs. 1,000 to Rs. 1,020 per kilogram, aligning with the figures reported in the previous session. This steady pricing in Shimoga suggests a resilient market, resisting the downward pressure experienced in some other regions.

Furthermore, the pricing of clove stems in Kottayam has remained unchanged at Rs. 160 per kilogram, consistent with the values observed in the previous session. This indicates that the market for clove stems is holding steady amidst the changes in the broader clove market.

Overall, the stabilization of clove prices in Kottayam and the maintained consistency in Shimoga, despite the challenges posed by increased imports and decreased exports, highlight the adaptability of the clove market.