The international cloves market which was showing weakness in the middle part of September due to the upcoming big Madagascar crop predicted to be at 15000 pmt and was quoted around USD 4700 pmt fob Levels Zanzibar and Comoros quoting USD 5000/- pmt FOB Levels, according to latest updates from Brazilian pepper Trade Board.
Prices started to get strong from mid October due to no selling pressure from Madagascar new crop and today with Comoros quoting around USD 5600 /- pmt and Zanzibar not offering and Indonesia is also quoting around USD 6300/- pmt fob level s have surprised many buyers.
The position of Madagascar new crop today is that the quantity of new crop was sky-scraping overestimated and the crop is now around 8000 MT and the local suppliers in Madagascar are buying at high prices for stocking expecting the markets to go upbeat further and today price idea being quoted is at USD 5700/- pmt FOB levels
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