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UPDATE 1-Bangladesh tea prices up at start of new auction season
May 14, 2014 / 12:22 PM / 4 years ago

UPDATE 1-Bangladesh tea prices up at start of new auction season

(Adds prices)
    DHAKA, May 14 (Reuters) - Tea prices in Bangladesh rose on
Wednesday at the first auction of the new season, on the arrival
of fresh and good quality leaf, brokers said.
    Bangladeshi tea fetched an average of 194.27 taka ($2.50)
per kg at the auction, up from 68.03 taka at the last auction of
the previous season, which was extended through April from the
typical close at end-March, an official from National Brokers
Limited said.
    Major buyers were back to the market on the arrival of fresh
leaf at the first auction of the new season, the official said.
    Sales volumes also rose this week, although a good quantity
of tea remained unsold, he added.
    More than 1 million kg was offered at the sole auction
centre in Chittagong, and 37 percent remained unsold. At the
previous auction on April 29, around 800,000 kg was offered, of
which nearly 47 percent went unsold.
    Bangladeshi buyers have been importing tea in bulk from
neighbouring India, contributing to a glut in the domestic
market and reducing demand at the auctions, industry sources
said.
    Last month, however, the Bangladeshi tax authority trebled
regulatory duties to 15 percent on imports of tea to discourage
overseas buying as ample local supplies have driven down prices.
 
    Bangladesh's tea production in 2013 rose 1.6 percent from a
year earlier to a record 63.5 million kg due to favourable
weather.
    That still fell short of domestic consumption of about 65
million kg. Bangladesh has moved from becoming a net exporter to
a net importer of tea as consumption has risen.
   
    Following are the results of the latest auction. Figures are
in Bangladesh taka per kg.
BROKENS
 Bold/Large Brokens                   175-185
 Medium Brokens                       180-190
 Small Brokens                        190-205
 Plain Brokens                        170-180
FANNINGS
 Best Fannings                        195-205
 Good Fannings                        185-190 
 Medium Fannings                      180-185
 Plain Fannings                       170-175
DUST
 Pekoe Dust                           190-195
 Red Dust                             190-210
 Dust                                 200-223
 Churamoni Dust                       250-320

 (Reporting by Ruma Paul; editing by Jane Baird)

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