Rising price of Indonesian nutmeg as demand has been steadily high

Entering the first week of December 2020, the price of nutmeg on the wholesaler level has gone up to the level of USD 9980/MT, from its higher average price in the entirety of November 2020 at USD 9700/MT, or around a 2.88% increase. This quite significant increase has been mostly driven by the high demand for this commodity both from national and overseas buyers. Some exporters projected that the price could possibly touch USD 10.000/MT in the coming weeks, as there have been speculative buying patterns, especially from overseas importers such as India, China, and Saudi Arabia who are trying to secure their stock for 2021.