Onion prices at 4-yr high, jump Rs 1,000/quintal in single day

NASHIK:

The average wholesale onion price at Lasalgaon APMC, the countrys largest wholesale market, went up by a staggering Rs 1,000 per quintal on Thursday alone to touch a four-year high. At the end of the days auction, the average wholesale price was Rs 4,500 per quintal.
The previous highest average wholesale price was recorded at Rs 4,300 per quintal on September 16, 2015. The all-time high was Rs 5,700 per quintal on August 22, 2015.
Onion prices have been steadily climbing over the past week at Lasalgaon, which sets the tone for sales of the kitchen staple in the country. The bulb is already selling at Rs 50 per kg in Nashiks retail markets as against Rs 35/kg last week. Thursdays price rise is expected to be reflected in retail markets in a day or two.
APMC sources said there has been a shortage of onions in areas in the south Indian states where they are grown and, therefore, there is high demand for onions from these states. The fresh kharif crop is still immature and will take some time to be harvested. All this has pushed up wholesale prices, they said.
Moreover, the arrival of onions, which was around 15,000 quintals a day last month at Lasalgaon, has fallen to 10,000-12,000 quintals a day due to the rains.
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