India: Onion prices up 10% as auctions re-open
The onion auction in Lasalgaon and Pimpalgaon agriculture produce market committees (APMCs), the main onion markets in the district, were closed from March 27 to April 1 as traders had to complete their financial accounts for fiscal year 2012-13.
The average wholesale onion prices in the district APMCs, which had been in the range of Rs 901 to Rs 951 a quintal on March 25, were in the range of Rs 951 to Rs 1,051 a quintal on Tuesday.
Average prices increased by Rs 50 and Rs 100 per quintal in Pimpalgaon and Lasalgaon APMCs respectively, as the supply was lower as compared to demand, market sources told TOI. The prices are likely to increase by around 25% in the next three-four weeks, the sources said.
They said that supply of onion to the markets has fallen slightly as farmers are storing the crop instead of bringing it to the market. The crop arriving in the district APMCs is the summer crop, which is harvested during April and May. The shelf life of the summer crop is six to seven months and hence, farmers have started storing it, hoping to get better prices later.
The average wholesale prices in Lasalgaon APMC, which is the largest onion market in the country, were recorded at Rs 1,051 a quintal on Tuesday. The minimum and maximum rates were recorded at Rs 700 and Rs 1,176 a quintal respectively. Around 15,000 quintals of onions were auctioned at the market. In Pimpalgaon APMC, the average wholesale prices were recorded at Rs 951 a quintal on Tuesday. The minimum and maximum rates were recorded at Rs 670 and 1,125 a quintal respectively. Around 12,000 quintals of onions were auctioned at the APMC.
Source: articles.timesofindia.indiatimes.com
