Nutmeg, mace prices rise 30%

A 40 per cent drop in production has caused a surge in the prices of nutmeg and mace in recent weeks. The prices have appreciated by 20-30 per cent in the last fortnight and the market expects a further rise in the prices.

Best quality red mace is now fetching Rs 450 a kg against Rs 400-410 two weeks ago. Likewise, the prices of shelled nutmeg have increased to Rs 130-140 and that unshelled have touched Rs 260 a kg level.

Leading traders here said the supply was so limited that prices of mace would touch Rs 500 and that of un-shelled nutmeg would cross Rs 300 in the next 15-20 days.

The production season ended in October and arrivals to major markets such as Kalady has significantly dropped. Besides, the demand from the north is very high. Import is limited and the market is dependant only on domestic supply.

Traders said the shortage would be much severe during the January-March period. "Every one expect a much higher price tag in January, and as growers and stockists are reluctant to sell off the stock immediately. So market is short of supply and that has even affected the trading," said a Kalady-based trader.