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.
More 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.
Bold/Large Brokens 195-200
Medium Brokens 200-208
Small Brokens 208-218
Plain Brokens 170-190
Best Fannings 192-197
Good Fannings 195-205
Medium Fannings 200-215
Plain Fannings 165-180
Pekoe Dust Not quoted
Red Dust 175-226
Churamoni Dust 178-246