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Brisk buying at

Akbari Mandi

RECORDER REPORT

LAHORE: Brisk buying was the feature of the day at the Akbari Mandi, where sugar lost further and went down to Rs 1530 per bag on Thursday.

Buyers flooded the market amid reports that the Lahore traders had not reached any consensus with the government and the two-day traders' strike was inevitable.

In a comparatively sharp market, Dal Chana lost Rs 10 per maund while rice prices also dipped.

After the news that more than 24 railway wagons, carrying sugar from Sindh, had reached Lahore, the sugar price slipped further.

Traders in pulses, sensing a rather uncertain situation because of the recent FIA moves tried to sell out their stocks, which resulted in a decrease in the prices of pulses.

Meanwhile, the Akbari Mandi traders are fully backing the traders' strike and a number of banners have been put up at different corners of the market, demanding for the withdrawal of new amendments in the income tax forms.

The president of Lahore Sugar Dealers Association, Muhammad Asghar Butt, said "24 wagons from Karachi would not save the province from the expected sugar crisis." He said retail traders have disposed of their pipelines stocks and no sugar would be available to meet the consumers' daily requirements.

Other traders were of the view that pressing for further decrease in sugar prices from the government side would be unnatural, because sugar transactions had already been finalized at a rather high rate. They pointed out that first the government decided to sell sugar at Rs 13 per kg at Utility Stores but later raised the price to Rs 13.50 per kg. They were of the view that sugar prices may rise to Rs 15 per kg as had been agreed by Punjab Government.

The Punjab chief secretary was expected to okay the Rs 15 per kg price on Thursday and sugar traders kept waiting for the official decision which was not received till the filing of this report.

The following are Thursday's commodity rates

Sugar 1525 to 1530

Dal chana (thin superior) 780

Dal chana (thick superior) 880

Dal chana (thin inferior) 760

Rice

Basmati (new) 490 to 510

Basmati (old) 520 to 560

Kernal super (new) 580 to 600

Kernal super (old) 640 to 700

Irri-9 405

Basmati (broken) 380 to 425

Irri (broken) 290 to 310