Abundant supply of peanut pushes down peanut oil price to K12,000 per viss

Peanuts from various regions entered the Mandalay Market these days and it has driven the peanut oil price down to K12,000 per viss, according to the traders in Mandalay.
Although the peanut oil price fetched up to K14,000 per viss in previous month, the price has fallen to K12,000 per viss currently, so did the prices of other edible oil.
“Peanuts from all over the regions are arriving at the Mandalay market and the peanut price reached the highest price for the past two weeks. The prices of red peanut and white peanut S-1 dropped down from K7,600 and K7,000 per viss to K7,000 and K6,300 per viss respectively. Since the border gates have been opened, the stocks faced local and foreign demands in the market. These days, Chinese buyers are mainly buying red peanuts. The currency of Chinese Yuan is also falling in forex rate again. Because of that, edible oil prices are decreasing and it benefits the consumers,” said U Soe Win Myint of the Soe Win Myint Depot in Mandalay.
Peanut is an oil crop that is cultivated all year round, and is grown in Mandalay, Sagaing, Magway and Ayeyawady Regions not only for domestic consumption but also for export purpose. — Min Htet Aung (Mandalay Sub-Printing House)/CT