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Commodity Tips, Onion price declines 25% on sharp increase in arrivals at major mandis
Over 1,800 tonnes of onions arrived on Thursday and 1,600 tonnes on Monday
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Onion prices crashed 25 percent on Monday owing to a sharp increase in arrivals over the last two days in major mandis.
This comes amid bleak export potential because of the vagaries of minimum export prices (MEPs).
In the benchmark Lasalgaon mandi, Asia’s largest spot onion selling market in Nashik, model onion prices slumped Rs 6.50 a kg to trade at Rs 21.50 a kg.
All Agricultural Produce Markets Committee (APMC) mandis in Maharashtra remained closed on Tuesday because of a statewide bandh called by private laborers, who are demanding a wage hike.
Thus, model onion prices in Lasalgaon mandi slipped below the benchmark Rs 25 a kg for the first time in nearly two months and only on the third occasion since November 1.
Meanwhile, 1,800 tonnes of onions arrived on Thursday and 1,600 tonnes on Monday after falling to the season’s lowest of 1,000 tonnes on Wednesday (January 24).
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