May 3, 2018 / 4:33 AM / 17 days ago

Bangladesh tea prices dip on higher supply of poor-quality leaf

    DHAKA, May 3 (Reuters) - Tea prices dropped at Bangladesh's
weekly auction, dragged down by inferior quality leaf, despite
the lower volume on offer.
    Bangladeshi tea fetched an average of 213 taka ($2.6) per kg
at the auction, down from 219 taka at the first auction of the
new season.
    Prices dropped sharply as buyers sought big discounts for
poor-quality tea, of which there was a large supply, despite a
drop in overall supplies, a senior official at National Brokers
said.
    Nearly 6.2 percent of the 810,487 million kg offered at the
sole auction centre in Chittagong was unsold. At the previous
auction, around 1.36 million kg was offered, of which nearly 11
percent went unsold.
    Bangladesh's tea production dropped to nearly 79 million kg
in 2017 from a record 85 million kg the previous year, which
officials attributed to excessive rainfall.
    The South Asian country was the world's fifth-largest tea
exporter in the 1990s but is now a net importer because of a
surge in domestic consumption in line with economic growth.
    
    Following are the results of the latest auction (figures in
Bangladesh taka per kg):

BROKENS
Bold/Large Brokens                   not quoted 
Medium Brokens                       207-212
Small Brokens                        208-215
Plain Brokens                        180-190
    
FANNINGS
Best Fannings                        214-218
Good Fannings                        210-213
Medium Fannings                      205-207
Plain Fannings                       180-200

DUST
Pekoe Dust                           204-235
Red Dust                             178-260
Dust                                 180-265
Churamoni Dust                       215-288

 (Reporting by Ruma Paul; Editing by Sunil Nair)
  
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