Monsoon onion prices head down in early March

The Yangon market braced for rising onion prices despite high influx of onion. However, the prices started to move down on 2 March as onion traders informed The Global New Light of Myanmar (GNLM).
The monsoon onion prices declined to K1,800-K3,100 per viss depending on producing areas (Seikphyu and Taungdwingyi) on 2 March. The price of premium onion from Myittha remained unchanged at K2,700-K3,800 per viss.
The prices of onions from the Seikphyu and Taungdwingyi areas fluctuated in February. They touched the lowest of K900 and the highest of K3,200 per viss.
With monsoon onion prices decreasing, the early harvest of summer onions might happen.
Traders mostly purchase onions to hold a large number of stocks in their hands. Thus, it is hard to predict the onion price in March, trader U Thaw Gyi told the GNLM. — TWA/EM