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

REUTERS EXCLUSIVE

REUTERS SHOWCASE

iOS 8 Issue

iOS 8 Issue

iOS 8 causing Bluetooth connectivity issues - Apple news blog  Full Article 

Modi In U.S.

Modi In U.S.

Obama, Modi work to deepen improving U.S.-India ties  Full Article | Full Coverage 

NYT Job Cut

NYT Job Cut

New York Times to cut jobs as new products disappoint  Full Article 

Factory Activity

Factory Activity

Factories expand at slowest pace this year in September  Full Article 

Monetary Policy

Monetary Policy

RBI not biased towards either raising or cutting rates - Rajan  Full Article 

Weak Demand

Weak Demand

Weak demand hits factory activity across Asia, Europe  Full Article 

Pimco Fund

Pimco Fund

Pimco Total Return Fund posts record $23.5 bln net outflow in Sept  Full Article 

Hopeful of Profit

Hopeful of Profit

GM sees first European profit in 2016 after years of losses  Full Article 

Reuters India Mobile

Reuters India Mobile

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