Increasing price of Indonesia's AB level nutmeg in the market closing in the third week of December 2020

During the closing of the market this week, it has been reported that the price of AB quality nutmeg has experienced an increase to the level of USD 5480/MT, from its price at the opening of the week at USD 5300/MT. Some sellers pointed out that the quite steep increase in price is primarily driven by the sharp increase in demand due to the fact that more buyers have been shifting their focus to purchasing this nutmeg grade. The price of Grade-A quality has now reached USD 10.000/MT on the wholesalers level, which is rather high for even the most experienced buyers to purchase. Moreover, as the market is closing down the order in the mid-week of the fourth week of December 2020, it is expected that the price will increase to USD 5500/MT in the following week.