Syndicates of DO traders raise wheat price thru' manipulation
Our Correspondent | Friday, 27 June 2008
CHITTAGONG, June 26: As the delivery order (DO) traders' syndicates have become active again the price of the wheat, within a gap of a day or two, has increased even by Taka 50 to Tk 150 per maund, concerned sources said.
Sources said with the harvesting of new wheat and following monitoring by different agencies of the government the price of wheat declined by Taka 300 per maund in recent days. After decline in price of wheat, DO traders resorted to unhealthy practice and got themselves organised under the syndicates.
Some traders of Khatunganj area in the city said Canadian wheat is being sold at Taka 1290 to Taka 1300 per maund while only two or three days back, the same wheat was sold at Taka 1240 to Tk 1250 per maund. Australian wheat was sold at Taka 1270-1280 the day before yesterday, price of which increased by Taka 50 per maund yesterday. Russian wheat registered maximum rise in the market and it jumped to Taka 1020 from its previous price at Taka 870 to Tk 890 per maund.
Despite having sufficient stock of wheat, those syndicates, on the plea of so-called crisis of the same in the market, increased its price through unfair manipulation, the sources added.
Sources said with the harvesting of new wheat and following monitoring by different agencies of the government the price of wheat declined by Taka 300 per maund in recent days. After decline in price of wheat, DO traders resorted to unhealthy practice and got themselves organised under the syndicates.
Some traders of Khatunganj area in the city said Canadian wheat is being sold at Taka 1290 to Taka 1300 per maund while only two or three days back, the same wheat was sold at Taka 1240 to Tk 1250 per maund. Australian wheat was sold at Taka 1270-1280 the day before yesterday, price of which increased by Taka 50 per maund yesterday. Russian wheat registered maximum rise in the market and it jumped to Taka 1020 from its previous price at Taka 870 to Tk 890 per maund.
Despite having sufficient stock of wheat, those syndicates, on the plea of so-called crisis of the same in the market, increased its price through unfair manipulation, the sources added.