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Article: Indonesian Nutmeg Comes Short With Increasingly High Prices.
- Article from:
- Chemical Market Reporter
- Article date:
- April 19, 1999
- Author:
CopyrightCOPYRIGHT 1999 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NUTMEG OIL PRICES remain high with chances of relief from upcoming harvests looking bleak. An onslaught of inclement weather has damaged the current nutmeg spice crop, leaving the market extremely tight, while Indonesia's ongoing economic troubles continue to hurt the market.
Indonesia produces most of the world's nutmeg, and problems in that country instantly undermine supplies. The price for nutmeg has already risen from $4,000 per metric ton to $6,000. Spot prices in New York are still around $50 per kilo, about where they were at the end of last year, but well above the oil's historical average of $17 to $20 per kilo.
Analysts expect nutmeg oil ...