Mumbai, March 04 (Commodities Control): The price of cloves has remained constant in major markets, with Kottayam reflecting pricing ranges of Rs. 860 to Rs. 870 per kilogram for Comoros, Rs. 860 to Rs. 880 for Madagascar, and Rs. 890 to Rs. 920 per kilogram for Sri Lanka.
Domestic clove prices in Kottayam, after experiencing a two-session decline, are projected to hold steady at Rs. 950 to Rs. 980 per kg. The domestic market faces pressure due to increased imports and decreased exports, contributing to higher supply levels.
In response to the surge in imports, domestic clove prices have witnessed a decline following a period of relative stability. In Kottayam, prices now range between Rs. 1,000 and Rs. 1,020 per kilogram in Shimoga, mirroring the rates from the previous session. Additionally, clove stems have maintained their pricing at Rs. 160 per kilogram in Kottayam, aligning with the previous session.
The domestic clove market is grappling with the impact of heightened imports and reduced exports, creating an excess supply scenario that has led to a decline in prices.
(By CommoditiesControl Bureau; +91-9820130172)
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