Once the markets open for trade on Tuesday, a sharp depreciation in prices is expected to take place in view of the export ban. However, traders feel the prices are again going to rise in a week or so as the overall supplies will remain stressed. The new crop, they say, will arrive only post November and with the demand expected to rise before the Dussehra festive season starts, prices will continue to remain bullish. The political fall out of high onion prices can hardly be overemphasized.
With Bihar election likely to be held later this year, the government it seems was wary of going to the electorate when the kitchen staple was costlier than usual. Ironically the export ban comes when the government plans to make the ordinances that amended the Essential Commodities Act into law and stop knee-jerk reactions like the imposition of stock limits.
Click here to join our channel indianexpress and stay updated with the latest headlines. A look at the export ban, and its possible repercussion in the days to come. But now, buyers have started checking prices with other exporting nations as well. Like us on Facebook and follow us on Twitter. Financial Express is now on Telegram.
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