Tuesday, June 27, 2017

Mandalay bens and Pulscs market on decline despite unblocking of accounts

June 26, 2017
Mandalay beans and Pulscs market remains on decline this week even after China has unfrozen over 300 bank accounts.

China banks froze Myanmar merchants’ bank accounts through which Sino-Myanmar border transaction is made, causing some trade to halt starting from 15th June.

The declining market and ban on bank accounts adversely affected pea market. A three-basket bag of green gram slumped to Ks.110,000 from Ks. 130,000. Sales fell these days from 20,000 to 3,000 bags a day, said U Soe Win Myint  a depot owners.

At present, China government has unfrozen the bank accounts, which increases the price a bit to Ks.115,000 per pigeon pea bag and so does the sales to 8,000 bags, he continued.

A bag of white sesame seeds fetches Ks.110,000 while the price of black sesame seeds is Ks.115,000 a bag. The newly harvested sesame seeds are currently entering the market.

The groundnut market is also dependent on China demand. The market is still cool these days. The price is likely to rise when there is a steady demand, he added.

In a bid to prevent manipulation of the prices, the State needs to institute government to government (G to G) system as soon as possible, U Soe Win Myint pointed out.

The pea prices at commodity depot in Mandalay are around Ks.2,100 for a viss (3.6 pounds) of groundnut, around Ks.88,000 a three-basket-bag of mung  bean, Ks.95,000 to 100,000 per bag of butter bean and Ks.245,000-250,000 per bag of CP corn.

Ref; The Global New Light of Myanmar

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