January 17, 2018 / 10:10 AM / 4 months ago

Bangladesh tea prices edge down at weekly auction

    DHAKA, Jan 17 (Reuters) - Tea prices in Bangladesh edged
down at the weekly auction on Tuesday on tepid demand from
buyers, though tight supplies and strong demand for quality leaf
capped the decline.
    Bangladeshi tea fetched an average price of 235.22 taka
($2.80) per kg at the auction, compared with a revised price of
238.79 taka in the previous sale, National Brokers said.
    There was tepid demand from buyers, but strong demand for
quality leaf helped limit the drop in prices, said a senior
official with National Brokers.
    The proportion of tea sold, however, dropped despite lower
supplies than last week, he added.
    About 32.4 percent of the 2.29 million kg offered at the
sole auction centre in Chittagong was unsold, compared with 17.6
percent unsold of the 2.33 million kg offered in 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 not a necessity.             
    The South Asian country was the world's fifth-largest tea
exporter in the 1990s but is now a net importer due to 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                   218-223
Medium Brokens                       221-226
Small Brokens                        226-230
Plain Brokens                        170-185
    
FANNINGS
Best Fannings                        236-242
Good Fannings                        230-235
Medium Fannings                      220-225
Plain Fannings                       175-185

DUST
Pekoe Dust                           not quoted
Red Dust                             195-285
Dust                                 209-282
Churamoni Dust                       195-275

 (Reporting by Ruma Paul; Editing by Subhranshu Sahu)
  
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