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OUR BUREAU
August 23: Groundnut prices in the local Agriculture Produce Market Commission (APMC) market at Navi Mumbai reached a historical high last week. Various varieties have witnessed a rise of Rs 500-700 per 100 kilogram due to severe shortage of supply from various producing centres.
August 23: Groundnut prices in the local Agriculture Produce Market Commission (APMC) market at Navi Mumbai reached a historical high last week. Various varieties have witnessed a rise of Rs 500-700 per 100 kilogram due to severe shortage of supply from various producing centres.
The price of Java 70-80, popularly known as peanut variety that normally reaches a high of Rs 2400-2500 per 100 kilogram (Naka delivery), has peaked to Rs 3400-3500 and 80-90 count has topped to Rs 3350-3400. Another high value variety JL-24 60-70 count has witnessed the highest price rise in the past month. The price, which was Rs 2200-2500 in July-end, has spiralled to Rs 3100-3300 in the past week. JL bold 50-55 count and 60-70 count have reached to Rs 3600-3700 and Rs 3550-3650 respectively.
According to traders at the APMC market, the high prices are not likely to witness further rise as the new arrivals are expected to begin by first week of September. They also believe that the high volume of export of groundnut during December 97 to May 98 has fuelled the short supply created by lower production. Earlier in June, shortage of supply had created a grey market which had fetched a premium of Rs 400-550 per tonne.
The matter was taken up with the authorities and the unofficial transportation of groundnut from Gujarat was curbed. Following an informal ban by Gujarat mainly on account of a shortfall and to control the spiralling upward movement of the commodity, about 200 tonnes of groundnuts reached various markets in Maharashtra.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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