Commodity News- Onion price at India's largest wholesale market crash on poor demand
Onion price at the country's largest wholesale market at Lasalgaon Agriculture Produce Market Committee (APMC) crashed with poor demand. The average wholesale price of summer Onions dropped to Rs 300 per quintal on the last working day on Friday, against Rs 575 per quintal on a previous working day.
The summer Onion which was harvested in March and April, are still arriving in the markets. Out of the total arrivals, 70% arrivals are of summer crops, while remaining 30% arrivals are of the fresh Kharif crops of Onions.
Farmers who had stored summer Onions in hope of better price have been incurring heavy losses. Sources said the arrival of new Onion has begun in all Onion growing pockets in the country. The arrival of fresh kharif Onions is also a major reason for the drop in average wholesale prices of summer Onions.
The minimum and maximum wholesale Onion prices at Lasalgaon on last working day on Friday were recorded at Rs 200 and Rs 602 per quintal, respectively. A total of 12,000 quintals of Onions were auctioned at Lasalgaon on Friday, including 8,000 quintals of summer Onions. The remaining 4,000 quintals were Kharif Onions.
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