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Clove Prices Likely to Stay Firm

Date : April 8, 2010
Number of Views : 9341

Irregular supply is likely to push clove prices in domestic and international markets. Production in main clove producing countries such as Indonesia and Sri Lanka is far below expectation. While Indonesian clove production is estimated to be around 35,000 MT only, industry sources believe Sri Lanka production will be significantly less.

Clove prices are ruling high both in Indonesia and Sri Lanka ($6,000 a tonne). Comoros had virtually sold out and local collectors were waiting for high prices to sell their last consignment ahead of this year's crop, expected to be of reasonable size of around 3,000-3,500 tonnes, due in June/July. Even Madagascar cloves prices had increased slightly over the past week due to Indian demand on the Singapore market.

Indian demand for clove is estimated to be around 12,000 MT while domestic production during best years, such as present year, is only 2500 MT (last year, India produced only 1500 MT clove). India being a huge importer of cloves (about 10,000 MT per year), domestic price of cloves will rise.Such a situation would benefit the Indian growers who have been repeatedly saying that a price below Rs 400 a kg is not remunerative for them.

News Category: Spices

News Type : Price Movement
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