Tea prices rally for second week

Tea prices rally for second week

Tea prices in Bangladesh rose for a second straight session at the weekly auction on Tuesday due to strong demand for the winter season ami... 6:28 PM

Tea prices in Bangladesh rose for a second straight session at the weekly auction on Tuesday due to strong demand for the winter season amid tight supplies.

Bangladeshi tea fetched an average 193.55 taka ($2.44) per kg at the 33rd auction of this marketing season, up from 191.54 taka in the previous sale, an executive at National Brokers said.
About 2.02 million kg were offered at the sole auction centre in the port city of Chittagong, of which 12 percent went unsold. In the previous auction, about 15.53 percent of the 2.03 million kg offered was unsold.
There was strong demand from local buyers for quality tea for the winter season, helping prices, the executive said.
The national budget for the 2015/16 fiscal year, which began in July, raised the regulatory duty on tea imports by 5 percent to discourage overseas buying.
Tea prices fell sharply in the last marketing season due to weak demand from local buyers, as business sentiment was hit by renewed political unrest early this year that left more than 120 people dead and disrupted supplies.
The country has moved from being a net exporter to a net importer of tea due to rising consumption.
Following are the results of the latest auction (figures in
Bangladesh taka per kg):
BROKENS
Bold/Large Brokens 185-188
Medium Brokens 188-194
Small Brokens 192-197
Plain Brokens 140-165

FANNINGS
Best Fannings 199-205
Good Fannings 195-198
Medium Fannings 190-193
Plain Fannings 145-165
DUST
Pekoe Dust 180-204
Red Dust 185-217
Dust 185-225
Churamoni Dust 185-220

($1 = 77.7300 taka)
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