International cloves prices have shown some declines of late as slow buying has forced sellers to lower their ambitions, but underlying upward pressure lingers as stocks in consuming countries remain low and new crops look disappointing.
The stocks everywhere in the world are very low. The production this year in Indonesia is a disaster - 55,000 to 60,000 tonnes maximum, while they are consuming something like 100,000 tonnes. So the gap is huge. There should be a buyer every day for huge quantities but because of these currency issues they are not buying at all...READ MORE