May 30, 2018 / 8:24 AM / a year ago

Bangladesh tea prices rally for third week

    DHAKA, May 30 (Reuters) - Tea prices in Bangladesh rose at
the weekly auction for the third time in a row, due to strong
demand for quality leaf amid tight supplies.
    Bangladeshi tea fetched an average of 229.59 taka ($2.7) per
kg at the auction centre in the port city of Chittagong on
Tuesday, compared with 223.71 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, an official
at National Brokers said.
    Almost the entire quantity was sold as the volume offered
was lower than last week, the official added.
    Only 1 percent of the 1.13 million kg offered in the auction
was left unsold. At the previous auction, around 1.27 million kg
was offered, of which 1.8 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):

Bold/Large Brokens                   not quoted 
Medium Brokens                       217-225
Small Brokens                        218-228
Plain Brokens                        190-210
Best Fannings                        225-235
Good Fannings                        219-224
Medium Fannings                      215-218
Plain Fannings                       195-210

Pekoe Dust                           227-242
Red Dust                             197-248
Dust                                 198-265
Churamoni Dust                       210-305

 (Reporting by Ruma Paul; Editing by Sunil Nair)
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