Peanut prices continuing with a downtrend in the Gujarat state of India, especially in South Gujarat, as the new crop arrivals started increasing in the markets against slow demand.
As per the traders, peanut prices are expected to decrease more in the coming days, but the overall trend depends on the exporters demand and buying.
In southern Gujarat at Deesa market, daily arrivals reported 1,00,000 bags of peanut and thus, the market continuously falling.
While the Himmatnagar market reported 15,000, the Palanpur market reported 20,000 bags of new crop arrivals daily, Rajkot mandi remained closed, and no arrivals were reported there.
Traders expect good export demand in the coming time for the HPS peanut variety; however, the market is currently slow.
Peanut prices for Bold 40-50 opened at $1.220 pmt and closed at $1.210 pmt while Java 50-60 opened at $1.325 pmt and closed at $1.320 pmt.