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Chinese banana prices slightly increase prior to Ghost Festival

The banana price in Chinese production areas showed slight fluctuations last week (August 16-22). The overall price trend is a slight but steady increase. The main supply comes from production areas in Guangdong and Guangxi. They supply a relatively large volume of bananas, which is why their impact on the banana price is larger than other production areas.

There are two reasons for recent fluctuations. First, Guangdong and Guangxi suffered from a typhoon. Banana farmers were worried the extreme weather conditions would harm their bananas. That is why they increased the speed of deliveries. However, visiting traders were not that eager to purchase large volumes of bananas. That is when the price lost momentum and stabilized.

However, once the typhoon passed and its impact turned out to be rather small, then the price began to rise again. Secondly, the Chinese Ghost Festival [2 September 2020] is fast approaching. This festival stimulates consumer demand for bananas. Visiting traders are buying larger volumes of bananas to prepare for festival shoppers. The speed of deliveries is quickening, and the market conditions are improving.

Source: ncw365.com


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