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China demand hikes up Myanmar peanut price

The price of Myanmar oil crop peanuts in the Mandalay pulses and beans market is significantly rising due to a sudden spike in demand by China, Mandalay bean traders said. During the previous years, the market used to cool down when Chinese New Year was approaching. This year, they are steadily purchasing the varieties of peanuts and hikes up the price, said the owner of Soe Win Myint depot in Mandalay.

The bean market used to suspend during Chinese New Year. Surprisingly, oil crop peanuts are highly demanded. The price consequently gains on the strong demand. Local millers cannot keep up with Chinese buyers, and so, they are forced to stop running the mills for now. The peanut prices have recently risen, moving in the ranges of K2,200-K3,500 per viss depending on varieties, showing a rise of K200-500 per viss for two weeks.

The price is likely to remain high, the traders guessed. The peanuts from Nay Pyi Taw, Tatkon, Pyinmana, Myinmu and Pakokku areas are abundantly flowing into Mandalay market in the recent days. Mandalay wholesale centre, which has been suspended for four months due to the COVID-19 resurgence, was reopened starting from 21 January 2021, in line with health guidelines on coronavirus issued by the Ministry of Health and Sports.

Source: The Global New Light of Myanmar

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