Karachi, February 19,2021: Karachi Wholesale Growers Association’s measures against the speculative market have led to stabilization in wholesale prices of commodities, reduction in prices of other commodities including sugar, pulses, gram and others. Merchants from all over the country are with us for the elimination of seller option and buyer option and are ready to cooperate in any way.
Chairman Karachi Wholesale Grocers Association Rauf Ibrahim said in a statement issued to the media that measures taken by Karachi Grocers Association against speculators and profiteers in Jodia Bazar, the largest commodity market in Pakistan, due to this, the prices of sugar, pulses, gram and other commodities have started declining. In this regard, Rauf Ibrahim, Chairman, Karachi Wholesale Grocers Association, told to the media after discussion with traders including Mohammad Aslam, President Ghalla Mandi Faisalabad, Abdul Sattar Dhalewali, President, Thal Artian Association and Patron of Punjab Pulses Association, Salahuddin Qureshi, President pulse mill Association Hyderabad that speculators in the market have been active for a long time and commodity prices have been fluctuating illegally. People who used to sell goods did not have stocks while those who bought goods did not have money to buy and they used to trade among themselves on WhatsApp and caused the crisis of commodities in market. He said that due to this situation, the price of black gram, which was Rs 90, went up to Rs 120 in a month while the price of sugar went up by Rs 7 in 10 days.
“We decided to crack down on the speculation in the market and met all the commodity traders in Jodia Bazaar, including the Hyderabad and Punjab Pulses Association, and gave them confidence,” he said.
The seller Option and Bayer option deals have been completely scrapped as seller options and Bayer options fall into the category of bets which have been discouraged at all levels across the country. He said that this initiative of ours has been appreciated by the wholesale markets all over Pakistan and assured full cooperation due to which instead of increasing prices, a series of declines has started for the first time. Traders have responded to our call, for which I am grateful to the business community across the country, especially to the leaders of the Pulses Association of Hyderabad and Punjab.
Karachi ( PR) Karachi Wholesale Growers Association’s measures against the speculative market have led to stabilization in wholesale prices of commodities, reduction in prices of other commodities including sugar, pulses, gram and others. Merchants from all over the country are with us for the elimination of seller option and buyer option and are ready to cooperate in any way.
Chairman Karachi Wholesale Grocers Association Rauf Ibrahim said in a statement issued to the media that measures taken by Karachi Grocers Association against speculators and profiteers in Jodia Bazar, the largest commodity market in Pakistan, due to this, the prices of sugar, pulses, gram and other commodities have started declining. In this regard, Rauf Ibrahim, Chairman, Karachi Wholesale Grocers Association, told to the media after discussion with traders including Mohammad Aslam, President Ghalla Mandi Faisalabad, Abdul Sattar Dhalewali, President, Thal Artian Association and Patron of Punjab Pulses Association, Salahuddin Qureshi, President pulse mill Association Hyderabad that speculators in the market have been active for a long time and commodity prices have been fluctuating illegally.
People who used to sell goods did not have stocks while those who bought goods did not have money to buy and they used to trade among themselves on WhatsApp and caused the crisis of commodities in market. He said that due to this situation, the price of black gram, which was Rs 90, went up to Rs 120 in a month while the price of sugar went up by Rs 7 in 10 days. “We decided to crack down on the speculation in the market and met all the commodity traders in Jodia Bazaar, including the Hyderabad and Punjab Pulses Association, and gave them confidence,” he said.
The seller Option and Bayer option deals have been completely scrapped as seller options and Bayer options fall into the category of bets which have been discouraged at all levels across the country. He said that this initiative of ours has been appreciated by the wholesale markets all over Pakistan and assured full cooperation due to which instead of increasing prices, a series of declines has started for the first time. Traders have responded to our call, for which I am grateful to the business community across the country, especially to the leaders of the Pulses Association of Hyderabad and Punjab.
