10:22 am - Wednesday May 24, 2017

Tea prices up for 4th week

Tea prices in Bangladesh rose for a fourth straight week at a weekly auction held on Wednesday as strong demand from local buyers for the winter season offset higher supplies, brokers said.

The average price of Bangladeshi tea was 213.25 taka ($2.74) per kg against 209.24 taka in the previous auction on Nov. 6, an official from National Brokers Ltd said on Thursday.

teaMore than 2.3 million kg of tea was offered at the country’s sole auction centre in Chittagong, with nearly 17 percent remaining unsold, compared with 2 million kg offered and 15 percent unsold at the previous auction.

“This was a large sale but buyers operated very strongly and most tea was well absorbed at higher rates,” National Brokers said in a market report.

“Blenders were more active along with fair interest from the loose tea buyers.”

Demand for tea usually picks up in winter, which begins late this month.

The auction was not held on Tuesday, the usual day for the weekly auction, due to a new 84-hour strike called by the main opposition party to demand next year’s election take place under a non-partisan government.

Tea prices in India, the world’s second-biggest producer, fell at last week’s auction on higher supplies due to a pick-up in plucking, while the average price of top Kenyan tea eased to $3.57 per kg at this week’s auction from $3.72 per kg last week.

Following are the results of the latest auction. Figures in Bangladesh taka per kg.

BROKENS

Bold/Large Brokens                           195-200

Medium Brokens                                 200-208

Small Brokens                                       208-218

Plain Brokens                                        170-190

 

FANNINGS         

Best Fannings                                        192-197

Good Fannings                                      195-205

Medium Fannings                                200-215

Plain Fannings                                      165-180

DUST            

Pekoe Dust                                             Not quoted

Red Dust                                                 175-226

Dust                                                          178-225

Churamoni Dust                                  178-246

-Reuters.


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