Commodities

Onion prices remain steady

M. R. Subramani Chennai | Updated on April 01, 2011

Onion at a wholesale market - Photo: R.M. Rajarathinam   -  Business Line

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Onion prices continued to be stable as most markets were closed this week because it's the end of the financial year and there is lack of storage space.

Onion prices continued to be stable as most markets were closed this week because it's the end of the financial year and there is lack of storage space.

On Friday, the modal price or the rate at which most trade took place at Nashik was Rs 550 a quintal, around last week's level.

While the levels may not have changed, the Centre's move to cut the minimum export floor price for onion has improved the sentiment in the market.

“Very few markets were opened in Maharashtra this week, especially in Nashik and Ahmednagar districts. The Nashik market was open on Thursday and Friday,” said Mr Jaju, Director of United Pacific-Agro Pvt Ltd.

Markets such as Pune and Solapur saw some arrivals trickling in throughout the week. In Solapur, arrivals on Monday were 1,800 tonnes while at Pune they were over 1,600 tonnes. At Chakan, near Pune, the arrivals on Wednesday were over 1,200 tonnes.

“Based on quality, prices generally ruled between Rs 100 and Rs 500 a quintal this week,” said Mr Jaju.

But most of the trades were done between Rs 400 and Rs 450.

Exports

Meanwhile, traders are upbeat over the lowering of floor price for exports to $175 from $225 last week.

“It will help face competition from Pakistan and Iran,” said Mr Jaju.

Onion exports are expected to increase, especially to the Asia-Pacific region and West Asia.

Published on April 01, 2011

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