The local cloves market in Madagascar has been bullish of late due to adverse weather
The weather conditions have been cold and wet during October, which is unusual for the season. This is certainly a consequence of El Niño. In fact, all the Malagasy shippers sold short at the start of the crop, because it was expected to be pretty good, this year. Unfortunately with the rains of October, collectors could not deliver the requested quantities. So the local price started to increase. At the end of last week they had increased by 55% compared with ones at the start of the crop...READ MORE