Dhaka Eid cattle prices crash on supply glut, spending squeeze

A ‘lack of buyers against sufficient supply’ has forced the cattle traders to cut prices on the eve of the Eid-ul-Azha, authorities at the makeshift markets and traders alike say.

Many of the traders are staring at losses, which will be inescapable if the prices do not bounce back by the end of Tuesday and early Wednesday.

The price of the cow, for which customers offered up to Tk 50,000 on Monday, dropped to Tk 45,000 on Tuesday morning and to Tk 40,000 by afternoon, trader Abdul Halim at Aftabnagar market said.

He bought a cow for Tk 160,000 six months ago and the customers were offering the same for it on Monday, but the price halved on Tuesday, according to Halim.

He brought 13 cows to the market and two remained unsold until the afternoon. 

“I’m in trouble in last stages,” he said.      
 

Customers in Dhaka have alleged from the beginning of the trading of cattle for Eid that the traders were charging more than usual prices. 

Trading, however, was upbeat on Sunday and Monday when the customers did not mind buying cattle at higher prices fearing that a supply crisis due to lack of cows from India would push the prices up.

But traders continued flooding the Dhaka markets with locally bred cattle on Monday night and the huge supply led to the prices to drop.

Cattle were brought to Gabtoli, Meradia and other markets even on Tuesday, but there were not many takers for them.

Trader Atiar Rahman from Jhenaidah said he sold a cow for Tk 130,000 at Aftabnagar Cattle Market on Tuesday due to the ‘situation’ even after customers had offered up to Tk 165,000 on Monday.

The traders were counting losses somewhere between Tk 10,000 and Tk 20,000 per cattle, he said.

Trader Abdur Rahim was searching for an explanation of the drop in number of customers as well as prices even after a halt to supply of cows from India. 

“Do people have less money this time?” he asked.

Bangladesh China Chamber of Commerce and Industry General Secretary Shahjahan Mridha was found looking for a cow at the market.

“The prices don’t seem so high,” he said.

The market authorities were trying to calm the nerves of the traders on the loudspeaker, asking them to not get frustrated and promising that all their cattle will be sold.

Some of the traders, however, did not feel reassured by those words and decided to take their cattle home.

“There are a lot of cattle in this market, but not many customers. That’s why the prices have dropped,” said Mohammad Ali, who leased the place for the market.

“The traders will suffer losses if the prices don’t rise in the final hours,” he added.