Cattle prices down rapidly on second day of Eidul Azha
Pakistan
Bargaining power tilting towards buyers as merchants are left with fewer options
LAHORE (Dunya News) – The merchants have started selling the sacrificial animals at much lower rates at Lahore’s main cattle market, like other towns and cities, as they want to dispose of the cattle before he could return back to their hometowns.
Just like the past practice, the prices are coming down rapidly at cattle markets on second day of Eidul Azha because of the fewer buyers and the compulsion to get rid of their livestock amid a reduced bargaining power tilting towards the consumers.
The trend would continue and even worsen tomorrow [Saturday] – the third and last day of Eid – for the sellers.
But it isn’t limited to the cattle merchants only as the rate demanded by the butchers is also down because of the same market force – the bargaining power.
In an earlier report published on Wednesday, it was mentioned that the record-high inflation is adversely affecting both the sellers and the buyers this year.
Read more: Eidul Azha: Inflation hits people, many return empty handed from cattle markets
And in case, they fail to find buyers then they would leave the market empty handed and have to sell the same to butchers – a scenario which is less lucrative but still result in profit.
“I bought an ox for Rs120,000 and two goats for Rs112,000. Last year, the same would have cost up to Rs95,000 and Rs90,000 respectively,” said Shafique Akhtar – one of the thousands of customers – at the Shahpur Kanjran cattle market, which is the largest in Punjab, located at the Multan Road around three kilometres from Thokar Niaz Beg.
The higher prices are an obvious consequence of the inflation and the rising cost of raising animals as the sellers from the rural areas wait anxiously for an entire year to sell their cattle for profit after hard labour.
A limited budget due to reduced purchasing power is a problem for the majority who don’t want to miss their religious duty.
Thus “window shopping” is a visible practice at these markets with many customers arguing their case unsuccessfully with the sellers.
However, there is an alternative – collective sacrifice – which is allowed in the case of large cattle like ox and camel. Thus, seven shares per ox means more people are attracted towards collective sacrifice. In the case of camel, the share count is 11.
It also means that more oxen are comparatively being sold amid the rising trend of collective sacrifice with the fewer buyers for goats as only affluent people can go for them.
Same applies to camels – the largest among the sacrificial animals. The plight of their sellers is narrated by the AFP which says hundreds of farmers have camped at livestock markets between Islamabad and Rawalpindi for two weeks, hoping to sell animals ahead of the annual holy festival starting Thursday in the country.
