DHAKA, Feb 28 (Reuters) - Tea prices dropped at Bangladesh's
weekly auction, dragged down by inferior quality leaf, although
the total volume offered for sale this week was lower than the
previous auction.
Bangladeshi tea fetched an average price of 187.28 taka
($2.80) per kg at the auction held on Tuesday, compared with a
revised price of 188.33 taka in the previous sale on Feb. 13,
National Brokers said.
Buyers showed little interest in the end-of-season leaf that
tends to be of inferior quality, at the auction, which took
place after a fortnight due to a national holiday last week,
said a senior official of National Brokers.
About 11 percent of the 2.09 million kg offered at the sole
auction centre in Chittagong was unsold, compared with 24
percent unsold of the 2.27 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 170-185
Small Brokens 175-190
Plain Brokens 160-170
FANNINGS
Best Fannings 210-215
Good Fannings 195-200
Medium Fannings 180-185
Plain Fannings 165-175
DUST
Pekoe Dust not quoted
Red Dust 168-236
Dust 125-257
Churamoni Dust 180-254
(Reporting by Ruma Paul; Editing by Subhranshu Sahu)