Bangladesh tea dips for 4th week on poor grade

Tue Feb 19, 2013 6:30pm IST

DHAKA, Feb 19 (Reuters) - Tea prices in Bangladesh eased in
a fourth straight weekly auction on Tuesday as a larger volume
of end of season low grade leaf dented demand, brokers said.
    The average price of Bangladeshi tea slipped sharply to
233.65 taka ($2.9) per kg against 263.50 taka last week, an
official at National Brokers Limited said.
    Around 1.74 million kg of tea were offered at Bangladesh's 
sole auction centre in Chittagong, with more than 29 percent 
unsold, compared with 1.66 million kg offered with 28 percent 
unsold in the previous auction. 
    Nearly 1.7 million kg will be offered at the next auction on
Feb. 26. Tea sold at the Chittagong auction is mostly bought by 
domestic buyers.   
    Last January, Bangladesh's tax authority imposed a 25  
percent duty on tea imports to safeguard the local industry.  
    The south Asian country produces 60 million kg of tea a year
against demand of 56 million. Tea consumption is rising by 4.5 
percent annually, in line with steady economic growth.

 (Reporting by Ruma Paul; editing by James Jukwey)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared
People walk in the Wipro campus in Bangalore June 23, 2009. REUTERS/Punit Paranjpe/Files

Wipro Q4 net profit beats estimates, rises 29 percent

Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier.  Full Article | Full Coverage 

REUTERS SHOWCASE

Election 2014

Election 2014

India holds biggest day of voting with BJP gaining strength  Read | Full Coverage 

Market Eye

Market Eye

Sensex jumps 351 points, snaps 3-day losing streak  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Deal Talk

Deal Talk

Piramal to buy 20 percent stake in Shriram Capital for $334 million.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage