Onion prices up on lower inflows

Mumbai, May 30 | Updated: May 31 2007, 05:30am hrs
Wholesale prices of onion have risen by about Rs 20 to Rs 70-85 per 10 kg on Wednesday at the Vashi APMC market over Rs 50-65 per 10 kg early this month on reduced inflows from Lasalgaon amid low demand. Retail prices of onion have also risen to Rs 10-12 a kg in the city over Rs 8-9 a kg few days back.

Daily inflows from Lasalgaon have reduced to 50-60 truckloads from 80-90 truckloads few days back.

There is a paucity of good quality onion (No 1) in the market as the current inflows are of second grade (No 2) onion, Shyamji Gala, a local trader told FE. Overall demand is average and remains low during the summer season. There are stocks of good quality onion stored with farmers and stockists but they are not sellers right now, market sources said. Prices at Nasik mandis are around Rs 450-550 per 10 kg but offtake is low.

Fresh buying may come up after mid-June, Rajendra Raskar,president, Kanda Batata Association said. Nafed has reduced its Minimum Export Price (MEP) by $30 a tonne for different destinations for the current month.