Tea prices in Bangladesh slipped for a second straight week at a weekly auction on Tuesday as demand from local buyers was poor amid political violence, brokers said.
The average price of Bangladeshi tea was 200.04 taka ($2.74) per kg against 213.25 taka in the previous auction on Nov. 19, an official from National Brokers Ltd said on Wednesday.
Nearly 2.4 million kg of tea was offered at the country’s sole auction centre in Chittagong, with about 21 percent remaining unsold, compared with more than 2.4 million kg offered and 17 percent unsold at the previous auction.
“Offerings continued to be large, but were fairly well absorbed at lower rates,” National Brokers said in a market report.
“Although blenders were operating, there was less competition in the room. Loose Tea buyers were quiet. There were fair withdrawals in the plain category.”
Demand for tea usually picks up in winter, which begins late this month. But demand was poor from local buyers as a planned nationwide protest against upcoming elections turned violent on Tuesday.
Tea prices in India, the world’s second-biggest producer, were largely steady at last week’s auction with robust demand for quality leaf, while the average price of top Kenyan tea rose to $4.10 per kg at this week’s auction from $3.57 per kg last week.
Following are the results of the latest auction. Figures in Bangladesh taka per kg.
Bold/Large Brokens 180-185
Medium Brokens 182-192
Small Brokens 199-208
Plain Brokens 160-175
Best Fannings 206-210
Good Fannings 202-205
Medium Fannings 195-200
Plain Fannings 165-175
Pekoe Dust Not quoted
Red Dust 168-216
Churamoni Dust 170-229