Madagascar:
The new crop is now over and this season, there has been a bumper crop of around 25,000 MT. The prices at the beginning of the crop were at 8.200 USD/MT, FOB and dropped by Mid-Jan to 7.600 USD/MT, FOB and then steadily going up to 8.600 USD/MT, FOB levels today.
This year India imported around 7.000 MT from Madagascar, but the most surprising part is Singapore buyers buying in large quantities for stocking and re-exporting to Indonesia. Reports state that Singapore and Indonesia buyers have bought around 15.000 MT in the recent few months and stock now in Madagascar is about 2.000 to 3.000 MT.
India:
This season India has been a very defensive player, mainly because of liquidity issues, as many importers lost a lot of money on almonds imports (around 100 Mn USD), thus affecting the market prices of other commodities, including Cloves.
Indonesia:
This year the new crop, which is expected to start in July, is forecasted to be less as compared to last year.
The crop size has decreased by 50% over the past 3 years. Price in Indonesia is firm at 9.200 USD/MT, FOB levels for standard quality, local Rupiah price is around 115.000 per Kg.
Brazil: No crop available for export this year.
Comoros: New crop expected to start in July.
Sri Lanka: No Crop is available for export this year.
Overview in Nutshell
Traders are bullish on cloves and have been recommending to buy this commodity at these levels for the last few months and still very strongly recommend it to buyers. The market can witness a sharp uptrend anytime. It is expected that demand will occur in June after summer is over in India. Experts state that market is about to go up and remain strong.
The following reports may be of interest to you:
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