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LATEST NEWS UPDATES | Onion prices show signs of cooling -Dipak Kumar Dash

Onion prices show signs of cooling -Dipak Kumar Dash

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published Published on Aug 20, 2013   modified Modified on Aug 20, 2013
-The Times of India


NEW DELHI: There were signs of onion prices falling in certain cities on Monday. Similar correction in prices are expected in the next few days as arrival has increased almost two-fold at Asia's largest onion market in Lasalgaon. Similar was the trend in Pimpalgaon and Delhi.

Food ministry sources said higher quantity of onion arriving at markets will increase supply across the country in the next few days that would result decline in prices. On Monday, the total onion arrival at Lasalgaon reached 9,000 quintals against 4,580 quintals last week. At Lasalgaon, Pimpalgaon and Delhi, the total arrival was around 22,000 quintals.

Even wholesale prices at Lasalgaon fell from Rs 4,700 a quintal last week to Rs 3,251 on Monday. Mandis in Agra, Delhi, Mumbai and Indore also saw the same trend. Retail prices fell by Rs 5 and Rs 10 per kg in Agra and Delhi.

As the prices showed signs of correction, government is unlikely to take the extreme step of banning export of the commodity. Sources said the fall in price is due to increased supply. There were reports that the scarcity was "created" by hoarders. "Now, they also know that new crop will be available in the market. They might have released the stock," said a government official.

Overall, the prices have corrected by over 32% from its peak levels a week ago. Earlier in the day, food minister K V Thomas met agriculture minister Sharad Pawar to discuss the issue.

Meanwhile, Pawar said he would not be able to say when the prices would ease as rain had hit supplies from key growing states. "I don't know about prices but I know about the crop condition. The crop in Nashik has been affected due to drought. As on today, the overall crop condition is good," he said.

Sources said fresh arrivals have started from Andhra Pradesh. But full-fledged arrivals will begin from mid-September, when Maharashtra and Karnataka farmers will bring their crop to the market.

Arrivals are expected any time from Maharashtra, Tamil Nadu, Madhya Pradesh and Rajasthan but these states are facing logistics problem due to rain, Pawar told reporters on the sidelines of an ICAR event.

To control rising prices, last week the government had notified minimum export price (MEP) of $650 per tonne and had directed cooperative major Nafed to import onions. Nafed may float tender this week for importing onions.

India has reportedly exported 6.39 lakh tonnes during the April-July period of this fiscal, compared with 6.94 lakh tonnes in the year-ago period. Production stood at 16.6 million tonnes in 2012-13.


The Times of India, 20 August, 2013, http://timesofindia.indiatimes.com/business/india-business/Onion-prices-show-signs-of-cooling/articleshow/21928810.cms


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