January 3, 2018 / 8:12 AM / 6 months ago

Bangladesh tea prices rise on strong winter demand

    DHAKA, Jan 3 (Reuters) - Tea prices in Bangladesh rose at
the weekly auction for the second time in a row, thanks to
strong winter demand and tight supplies. 
    Bangladeshi tea fetched an average price of 238.25 taka
($2.80) per kg at the auction held on Tuesday, compared with a
revised price of 236.80 taka at the previous sale, National
Brokers said.
    There was strong demand as buyers wanted to stock up for the
winter, while supplies were lower than last week, a National
Brokers official said.
    Demand for tea in Bangladesh usually rises in winter.
    However, about 19 percent of the 2.27 million kg offered at
the sole auction centre in Chittagong was unsold, compared with
15 percent unsold of the 2.62 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
conditions, 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                   226-230
Medium Brokens                       230-238
Small Brokens                        234-240
Plain Brokens                        165-190
    
FANNINGS
Best Fannings                        245-250
Good Fannings                        238-243
Medium Fannings                      230-233
Plain Fannings                       175-195

DUST
Pekoe Dust                           230-251
Red Dust                             168-280
Dust                                 163-295
Churamoni Dust                       189-275 

 (Reporting by Ruma Paul; Editing by Amrutha Gayathri)
  
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