December 27, 2017 / 6:40 AM / 3 months ago

Bangladesh tea prices edge up at weekly auction

    DHAKA, Dec 27 (Reuters) - Tea prices in Bangladesh edged
higher at a weekly auction on Tuesday on strong demand for
quality leaves amid a lower volume on offer.
    Bangladeshi tea fetched an average price of 236.76 taka
($2.80) per kg at the auction, compared with a revised price of
236.44 taka at the previous sale, National Brokers said.
    There was good demand for quality tea and buyers were ready
to pay premiums, which aided the rise in prices while supplies
were lower than last week, a senior official at National Brokers
    Around 14.9 percent of the 2.62 million kg offered at the
sole auction centre in Chittagong was unsold. In the previous
auction, 14 percent of the 2.75 million kg on offer was unsold.
    Bangladesh's tea production jumped nearly 27 percent last
year to a record 85 million kg, helped by favourable weather
conditions and 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):

Bold/Large Brokens                   227-231
Medium Brokens                       233-240
Small Brokens                        235-242
Plain Brokens                        165-185
Best Fannings                        244-248
Good Fannings                        238-243
Medium Fannings                      232-235
Plain Fannings                       165-185

Pekoe Dust                           not quoted
Red Dust                             179-280
Dust                                 158-295
Churamoni Dust                       189-275 

 (Reporting by Ruma Paul; Editing by Subhranshu Sahu)
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