February 8, 2018 / 6:00 AM / 18 days ago

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

    DHAKA, Feb 8 (Reuters) - Tea prices fell sharply at
Bangladesh's weekly auction due to large supplies of
inferior-quality leaf.
    Bangladeshi tea fetched an average price of 200.01 taka
($2.80) per kg at Tuesday's auction, compared with a revised
price of 215.01 taka in the previous sale, National Brokers
said.
    Prices dropped sharply as buyers sought huge discounts for
poor-quality tea, of which there was huge supply, a senior
official at National Brokers said.
    About 38 percent of the 2.7 million kg offered at the sole
auction centre in Chittagong was unsold, compared with 35
percent unsold of the 2.5 million kg offered at the previous
auction.
    Bangladesh's tea production jumped nearly 27 percent in 2016
to a record 85 million kg, helped by favourable weather, making
imports a choice rather than a necessity.             
    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                       185-190
Small Brokens                        190-200
Plain Brokens                        145-165
    
FANNINGS
Best Fannings                        210-215
Good Fannings                        200-210
Medium Fannings                      185-195
Plain Fannings                       165-175

DUST
Pekoe Dust                           not quoted
Red Dust                             172-237
Dust                                 125-264
Churamoni Dust                       164-262

 (Reporting by Ruma Paul; Editing by Sunil Nair)
  
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