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LATEST NEWS UPDATES | Wholesale onion prices dip, raises hopes

Wholesale onion prices dip, raises hopes

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published Published on Dec 21, 2010   modified Modified on Dec 21, 2010

But retail prices topped an eye-watering Rs. 85 a kg in Bangalore yesterday

Speculative fever gripped the onion trade on Tuesday in Bangalore following a sharp decline in prices as a significant section of the buyers kept away, hoping that the slide will continue. However, retail markets in the city continued to remain buoyant, unmoved by the turmoil in the wholesale business.

Trade sources speculated that the Union Government's order banning onion export, issued on Monday, may have played a role.

Dappa, first quality onions, traded between Rs. 2,000 and Rs. 2,500 per bag (of 50 kg) on Tuesday, a decline of about 20 per cent over Monday's prices. Prices of other grades — gulti (very small), golta (small) and medium, also declined significantly. Gulti, generally regarded as the cheapest quality onions, traded between Rs. 600 and Rs. 800 per bag, compared to Rs. 800-1,000 on Monday.

Hoping for a fall

Traders reported a fall in prices as soon as the market opened on Tuesday. Venkappa T., a trader in the Yeshwantpur market, the biggest onion trading centre in the State, said: “Buyers [willing to gamble], waiting for prices to slide further, kept away from making purchases.” Prices are likely to stabilise “in a day or two”.

“Prices,” he said, “are likely to remain high till February because of the shortfall in the crop this year. Even if and when they do fall, retail prices may not fall below Rs. 35-40 per kg,” he warned.

A trader told The Hindu that prices may well drop by 25-30 per cent in a few weeks. “Unlike food grains, onions cannot be stored indefinitely, which means that hoarders will bring them to the market soon,” he said. The last episode of a similar spike in prices was in 1995-96 when prices ranged between Rs. 2,600 and Rs. 3,000 per bag.

Meanwhile, market sources said the Maharashtra consignment started arriving in Bangalore on Tuesday. “As the harvest in Karnataka almost coming to an end, it is now the season for onions from Maharashtra. Prices in the future will depend on the quantum coming from there,” a trader said.

Despite, the sharp decline in the wholesale market, retail prices in Bangalore continued to remain high hovering between Rs. 65 and Rs. 85 a kg.

At Hopcoms

Prices at Hopcoms, the biggest vegetable retail chain in the city, were Rs. 78 a kg for big onions and Rs. 76 for medium sized. Hopcoms is offering ‘economy' grade at Rs. 60 from Wednesday to help its customers.

Sources in Hopcoms said retail prices are unlikely to come down immediately, and prices may decline only after January first week.

“It is so difficult to procure onions, as sellers are refusing to sell on the basis of grading. We get it in bulk and grade them later.”


The Hindu, 22 December, 2010, http://www.hindu.com/2010/12/22/stories/2010122258680100.htm


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