Onion prices ease as supplies rise
Commodity Online NEW DELHI: Acute shortage of onion and the hefty price rise in the essential commodity will be over soon, it seems. Officials said on Wednesday that domestic prices of onions have started easing.
Last month, the government imposed a temporary ban on export of onions for 15 days, starting October 1. It also increased the minimum export price for onions by $50 per tonne to $495 per tonne for Gulf destinations. India exported 1.13 million tonnes onions in 2006-07. Onion is exported from India to in all 38 countries in varying quantities.
But officials said the government will not cut minimum export price (MEP) of onion for November in the wake of increased supply.
Wholesale prices in India's largest onion trading hub, Lasalgaon in Maharashtra have considerably eased, officials pointed out.
Prices of onion have gone up substantially in the China, Nepal, Bangladesh, and Pakistan on crop damage and export restrictions by the Indian government have pushed up the onion prices further.
Festival demands and news of unexpected rains affecting standing crops helped spiral onion prices in domestic market. Wholesale price of onion doubled in Delhi from Rs.1,450 a quintal last week to Rs.2,125-2,375 this week.
MCX ALUMINIUM 29 February 2012
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