Tea prices in Bangladesh rose at the weekly auction for the seventh time in a row due to strong demand for quality leaves amid tight supplies.
Bangladeshi tea fetched an average price of 229.72 taka ($2.79) per kg at the auction on Tuesday, compared with 229.62 taka at the previous sale, the National Brokers said.
There was strong demand and buyers were ready to pay premiums while supplies were lower than in the last sale, it said.
About 10.4 percent of the 2.36 million kg offered at the sole auction centre in Chittagong remained unsold. In the previous auction, 12.8 percent of the 2.78 million kg on offer was unsold.
Bangladesh’s tea production rose nearly 27 percent last year to a record 85 million kg, a harvest that was seen as big enough to make imports unnecessary.
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.
Following are the results of the latest auction (figures in
Bangladesh taka per kg):
Bold/Large Brokens 225-230
Medium Brokens 226-230
Small Brokens 227-232
Plain Brokens 170-190
Best Fannings 230-237
Good Fannings 228-232
Medium Fannings 224-227
Plain Fannings 170-190
Pekoe Dust not quoted
Red Dust 200-282
Churamoni Dust 220-271