Onion market sees robust demand, hiking up prices

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Trucks loaded with monsoon onions entering Seikphyu’s commodity depot.

The onion prices have risen on robust demand by traders who buy and store them in large quantities. The figures indicated an increase of K900 per viss in the past two weeks.
The prices jumped to K2,900-K3,600 per viss on 24 February from K1,300-K2,700 per viss on 8 February.
Normally, the traders purchase onions in large quantities during Thingyan Festival in April in which summer onions are harvested. This year, they buy them one month earlier. Monsoon onion does not have a long shelf life. Therefore, they might keep the stocks in hands for a short term only, the market observers pointed out.
The large onion price hit a record high of K5,100 per viss in December 2023. The prevailing price is two times of that recorded in the corresponding period last year. The highest price of onion was K1,300-K1,500 per viss on 24 February 2023, a trader Ko Phyo told the Global New Light of Myanmar (GNLM).
There is uncertainty to predict the onion market in mid-2024, traders highlighted. — TWA/EM

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