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Hedge trading in cotton market opposed
MULTAN (April 07 2004): Government should not
allow speculative and hedge trading in cotton
market because it would ruin the smaller traders
while big traders would become millionaire in a
season at the cost of ginners' and cotton growers'
fate.
The Punjab Cotton Brokers Association (PCBA) has
strongly opposed the permission of cotton hedge
trading in the country and declared that it was an
act against Islam.
The PCBA secretary general Chaudhry Riyaz Ahmed
said that the association has held her meeting in
Multan to discuss the matter and all the members
unanimously rejected the initiative in this regard
strong opposed the move.
The scheme is against in the interest of farmers,
middlemen and ginners.
A few big guns have determined to exploit the
scheme to protect their vested interests and
cotton rates would show abrupt fluctuations.
Chaudhry said that all the people involve in this
business would become stark and it was demanded
from the government not allow the hedge trading in
the country at any cost.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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