July 14, 2015 / 12:29 PM / in 2 years

Bangladesh tea prices snap 2-week run of gains

July 14 (Reuters) - Tea prices in Bangladesh edged down at
the weekly auction on Tuesday, snapping a two-week run of gains,
on higher supplies and tepid demand from local buyers ahead of
the Muslim festival, brokers said.
    Bangladeshi tea fetched an average 198.97 taka ($2.5) per kg
at the auction, the 11th of the new marketing season, compared
with 199.33 taka at the previous sale, an executive with
National Brokers said.
    "There was less demand from local buyers ahead of the Eid
holidays," he said referring to the Eid al-Fitr celebrations,
due on Saturday on sighting of the moon, marking the end of the
holy fasting month Ramadan.
    However, the volume sold rose from last week despite a
higher quantity on offer this week, he added.
    About 1.27 million kg was offered at the sole auction centre
in Chittagong, of which nearly 2 percent was unsold. In the
previous auction, about 6 percent of the 1.24 million kg offered
was unsold.
    The national budget for the 2015/16 fiscal year unveiled
early this month raised regulatory duty on tea imports by 5
percent to discourage overseas buying. 
    Tea prices dropped sharply in the last marketing season on
poor demand from local buyers because of damage to business
sentiment caused by renewed political unrest early this year
that left more than 120 people dead and disrupted supplies.
 
    The country, however, has moved from being a net exporter to
a net importer of tea because of rising consumption. 
    
    Following are the results of the latest auction (figures in
Bangladesh taka per kg):


BROKENS
 Bold/Large Brokens                   190-198
 Medium Brokens                       195-200
 Small Brokens                        195-200
 Plain Brokens                        170-175

FANNINGS
 Best Fannings                        196-199
 Good Fannings                        193-195
 Medium Fannings                      187-192
 Plain Fannings                       170-175

DUST
 Pekoe Dust                           not quoted
 Red Dust                             185-225
 Dust                                 185-230
 Churamoni Dust                       190-256
        

 (Reporting by Ruma Paul in Dhaka, editing by David Evans)

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