Abundant supply of peanut drives oil price down to K11,000 per viss

The price of peanut oil dropped to K11,000 per viss on account of a bountiful supply of fresh peanuts in Mandalay market in recent days, traders said.
Those newly harvested peanuts from Nay Pyi Taw, Tatkon, Pyinmana, Magway, Yenangyoung, Chauk, Myaung and Myinmu areas are entering Mandalay market. Last month, the peanut oil fetched up to K16,000 per viss (a viss equals 1.6 kilogrammes). The current market price plunged to K11,000 per viss. Following the price slide in peanut oil, other edible oil prices also dipped.
“Mandalay market has seen a large supply of fresh peanuts in recent days. The peanut price hit the highest of K6,500-7,500 in September. The abundant supply of fresh peanuts to the Mandalay market resulted in the price drop to K5,300-5,800 per viss. Moreover, a lockdown in Ruili triggered by the COVID-19 impacts suspended the trade. That being so, the price tends to decline. It is good for the consumers. Furthermore, peanuts from the central region of Myanmar and Shan State will be harvested soon. As a result of this, the oil price is unlikely to rise,” said U Soe Win Myint, an owner of the Soe Win Myint warehouse in Mandalay.
Growers and traders need to maintain the price. Peanut is primarily cultivated in Mandalay, Sagaing, Magway and Bago regions. It is exported to foreign markets beyond self-sufficiency. — Min Htet Aung (Mandalay Sub-Printing House)/GNLM