June 14, 2018 / 6:41 AM / 9 days ago

Bangladesh tea prices rally for fifth week

    DHAKA, June 14 (Reuters) - Tea prices in Bangladesh rose at
the weekly auction for the fifth time in a row on robust demand
for quality leaf despite the higher volume on offer.
    Bangladeshi tea fetched an average of 242.52 taka ($2.7) per
kg at the auction centre in the port city of Chittagong on
Tuesday, compared with 238.34 taka at the previous sale.
    There was strong demand for quality tea and buyers were
ready to pay premiums that aided the rise in prices, despite the
bigger volume offered in the auction, an official at National
Brokers said.
    About 3 percent of the 1.54 million kg offered in the
auction was left unsold. At the previous auction, around 1.54
million kg was offered, of which 0.6 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 as the surge in
domestic consumption is 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                       230-240
Small Brokens                        232-242
Plain Brokens                        200-215
    
FANNINGS
Best Fannings                        244-250
Good Fannings                        238-243
Medium Fannings                      230-237
Plain Fannings                       200-215

DUST
Pekoe Dust                           237-251
Red Dust                             210-265
Dust                                 218-264
Churamoni Dust                       250-300

 (Reporting by Ruma Paul; Editing by Sunil Nair)
  
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