Bangladesh tea prices dip for third week on weak demand

DHAKA, July 24 Wed Jul 24, 2013 11:50am IST

DHAKA, July 24 (Reuters) - Tea prices in Bangladesh fell at a weekly auction on Tuesday for the third week in succession due to low levels of demand from local buyers amid the Muslim fasting month of Ramadan, brokers said.

The average price of Bangladeshi tea was 234.23 taka ($3.6) per kg against 237.21 taka in the previous auction, an official at National Brokers Limited said.

More than 1.6 million kg of tea was offered at Chittagong, with 19 percent remaining unsold, compared with around 1.2 million kg offered and 30 percent unsold at the previous acution held on July 9.

"Prices dropped again this week as demand is not good during the Muslim fasting month of Ramadan," the official said.

Consumption of tea is typically low during Ramadan, which started earlier this month.

The auction was delayed by a week due to general strikes.

The south Asian country produces 60 million kg of tea a year against a demand of 56 million kg. Tea consumption is rising by 4.5 percent annually, in line with steady economic growth.

Following are the results of the latest auction. Figures in Bangladesh taka per kg.

BROKENS Bold/Large Brokens 232-235 Medium Brokens 232-237 Small Brokens 234-240 Plain Brokens 210-220 FANNINGS Best Fannings 234-238 Good Fannings 230-233 Medium Fannings 225-229 Plain Fannings 210-220 DUST Pekoe Dust Not quoted Red Dust 215-260 Dust 215-257 Churamoni Dust 240-302 (Reporting by Ruma Paul; Editing by Jijo Jacob)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Wilful Negligence?

Wilful Negligence?

SEBI piles pressure on Sahara to sell overseas hotels  Full Article 

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

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