Abundant supply of peanuts slashes peanut oil prices

The large volume of peanut supply to the Mandalay market diminished peanut oil price to K12,000 per viss, Mandalay traders said.
The prices soared to K14,000 last month. Bulk supply from various regions reduced the price to K12,000 from K14,000 per viss. Following the peanut oil price slip, prices of other edible oil varieties have fallen accordingly.
“Mandalay market sees an abundant supply of peanuts. The price of peanuts hit the highest of K7,000-7,600 per viss in the last two weeks. The price dropped to K6,300-7,000 per viss this week on large supply. Peanut has both foreign and local demand. Chinese buyers are mostly purchasing them. Kyat’s value against Yuan appreciates for now. This being so, the oil prices declined. It brings positive impact on the consumers,” U Soe Win Myint, an owner of Soe Win Myint depot from Mandalay city. The peanut can be grown all year round. It is commonly found in Mandalay, Sagaing, Magway and Ayeyawady regions. Beyond self-sufficiency, peanuts are exported to external markets as well. — Min Htet Aung (Mandalay Sub-Printing House)/EM