Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| Indonesia main ports (e.g. Surabaya)Headline | physical_fob | Hand‑picked, sun‑dried whole cloves, typical moisture 10–12%, oil content ≥15%, export‑grade, packed in 50 kg bags FOB Indonesian main port. | USD/MT | 6500–7500 | May 2025 | — |
| Madagascar (Toamasina) | physical_fob | Export grade cloves, relatively high essential oil content, moisture max 12%, sound and clean, packed in jute or PP bags, FOB Toamasina. | USD/MT | 7000–8000 | May 2025 | — |
| India main ports (Cochin, Chennai, Mumbai) | physical_cif | Blended origin whole cloves meeting Indian food safety standards, typical moisture 10–12%, based on customs import statistics and trade data. | USD/MT | 6800–7600 | 2024 | — |
| Global trade (all importers) | physical_cif | Average customs value per ton for all imported cloves worldwide in 2024.[2] | USD/MT | 7200–7200 | 2024 | — |
Premium structure
Differentials between benchmarks reveal where physical cloves trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| Indonesia main ports (e.g. Surabaya) | — | |
| Madagascar (Toamasina) | Typically trades at a premium of ~USD 200–400/MT over standard Indonesia FAQ depending on oil content and color. | |
| India main ports (Cochin, Chennai, Mumbai) | Closely tracks global average import price of about USD 7,200/MT in 2024, with modest discounts/premiums by origin and grade.[2] | |
| Global trade (all importers) | Baseline reference; individual origins and grades can trade several hundred USD/MT above or below this level. |
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