Mung bean prices recover on back of China demand
Recent demand from China has stopped the fall in price of mung beans, which had spiralled downwards after India suspended purchases, and the trade of mung beans is picking up again in Mandalay, said traders.
At the moment, traders who have stored mung beans are selling their stocks in the market. These days, the price of mung beans has risen again due to demand from China. The price of mung beans plunged from K75,000 for three baskets in January, when India began buying mung beans as part of its agreement to purchase 150,000 tons, to K68,000 in August, when India stopped purchases, according to traders.
This year, India had announced that it would import 150,000 tons of mung beans and 200,000 tons of pigeon peas. Although Myanmar’s mung bean production has declined this year, the country could have produced over 300,000 tons of mung beans.
Source: Global New Light of Myanmar
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