After heaps of peanut oil exports to China this year, operations have been closed for the last one and half months due to overstock. [swpm_protected visible_to=”logged_in_users_only” custom_msg=’This content is for members only. Please login or sign up now.’] But with the new deals starting to fall in two or three days, peanut oil prices started rising again in the domestic market.
China has bought 2.5 million tons of peanut oil this year. After that, the supply was very high, and due to a shortage of money there, operations have been on halt. However, now the importers have resumed new demand, new trades of about 50 to 100 containers have been set up, and the peanut oil market has started rising again.
Domestic prices have started rising in the wake of peanut oil exports. Prices continue to rise despite the availability of summer and old peanuts in the mandis. Meanwhile, with the release of partial lockdown, the mandis of Saurashtra/Gujarat are resuming again. Summer peanut arrivals have also reached 50,000 bags a day, and thus, peanut crushing has increased in mills. In a month and a half, peanut oil prices had gone down by Rs 220 per can. However, following the rumors of resumption of export activities, the branded ones have increased price Rs.40 per can in a single day. A can of peanut oil has again gone up at Rs. 2440-2480 in Saurashtra.