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Bangladesh tea prices down on poor grade
October 1, 2014 / 5:03 AM / 3 years ago

Bangladesh tea prices down on poor grade

Oct 1 (Reuters) - Tea prices in Bangladesh edged lower at
the weekly auction on Tuesday, due to larger supplies of
inferior quality, although robust demand for quality leaf capped
the fall.
    Bangladeshi tea fetched an average of 184.74 taka ($2.39)
per kg at the auction, lower than the 185.99 taka at the
previous sale, said an official at National Brokers Ltd. 
    Nearly 2.45 million kg was offered at the auction centre in
Chittagong, with 18.9 percent going unsold. The last time, about
2.6 million kg was offered, of which a fifth went unsold.
    Buyers showed little interest in buying poor quality tea and
that pulled down overall prices, the official said. Strong
demand from local buyers for quality tea limited the fall, he
added.
    The next auction is on Oct. 14, after a week's gap due to
the Muslim holiday of Eid al-Adha.
    Tea production in Bangladesh rose 1.6 percent in 2013 to a
record 63.5 million kg due to favourable weather, but was still
short of the domestic consumption of about 65 million kg.
    The country has moved from being a net exporter of tea to a
net importer due to rising consumption.
    In April this year, Bangladesh trebled regulatory duty to 15
percent on imports of tea to discourage overseas buying amid a
drop in local prices due to ample supplies. 
        
    Following are the results of the latest auction. Figures are
in Bangladesh taka per kg.
    BROKENS 
 Bold/Large Brokens                   162-173
 Medium Brokens                       174-180
 Small Brokens                        183-193
 Plain Brokens                         95-125
    FANNINGS
 Best Fannings                        195-200
 Good Fannings                        187-192
 Medium Fannings                      175-184
 Plain Fannings                        95-125
    DUST
 Pekoe Dust                           155-192
 Red Dust                             155-235
 Dust                                 155-213
 Churamoni Dust                       165-250  

($1 = 77.3500 Bangladesh taka)

 (Reporting by Ruma Paul in Dhaka; Editing by Prateek
Chatterjee)

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