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LATEST NEWS UPDATES | Import talk halts onion price surge -Rahul Wadke and Vishwanath Kulkarni

Import talk halts onion price surge -Rahul Wadke and Vishwanath Kulkarni

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published Published on Aug 13, 2017   modified Modified on Aug 13, 2017
-The Hindu Business Line

Mumbai/ Bengaluru: As talk of onion imports gains ground, the price rally in the bulb in recent days seems to be ebbing. Wholesale prices of onions across major markets in Maharashtra, such as Lasalgaon, Pimpalgaon and Niphad, have witnessed a decline in the last two days.

In Pimpalgaon, where arrivals stood at 2,500 tonnes on Friday, the modal prices dropped by a fifth to Rs. 2,000 per quintal from the high of Rs. 2,500 two days ago.

Similarly, in Lasalgaon, prices crashed to Rs. 2,100 per quintal from a high of Rs. 2,450 on Thursday. This decline is amidst a dip in market arrivals at Lasalgaon, estimated at 1,200 tonnes on Friday, the lowest in the past fortnight.

Jaydutt Holkar, Chairman of the Lasalgaon APMC, said there was no clarity as far as onion imports were concerned. News of the likely imports has led to a crash in prices and traders are liquidating positions, he added.

Haze over imports

While the trade is looking at Egypt to source onions, the actual quantity being imported is not clear. Nitin Jain, a trader in Lasalgaon said there have been rumours of 300 tonnes being imported. Such rumours have checked a further rise in prices, he said.

However, the dip in wholesales prices may have only a marginal impact on retail prices, Jain added. Retail prices in major centres have doubled over the past month to Rs. 35-40 a kg.

Onion prices in Nashik have more than quadrupled since early July, after reports of weak rains hit supplies from Karnataka and Kurnool, and excess rains shrank output in Rajasthan and Gujarat.

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The Hindu Business Line, 11 August, 2017, http://www.thehindubusinessline.com/economy/agri-business/agriculture-commodities-onions-imports/article9814406.ece?homepage=true


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