Tea prices in Bangladesh dipped at a weekly auction on Tuesday as political turmoil over upcoming elections kept some buyers away, brokers said.
The country has been rocked by a series of strikes and transport blockades over the past few weeks, paralysing normal life and crippling economic activity. Last week’s tea auction had been postponed amid the unrest.
In the latest auction, Bangladeshi tea fetched an average of 194.67 taka ($2.5) per kg against 200.04 taka in the previous auction on Nov. 26, an official from National Brokers Ltd said.
“A fair number of buyers were present at the sale although one of the major blenders and the out-station buyers operated only for a nominal quantity,” the National Brokers said in its market report. As a result, the amount of unsold tea was substantial, it added.
Nearly 2.6 million kg of tea was offered at the auction center in Chittagong, with almost 54 percent remaining unsold, compared with more than 2.4 million kg offered and 21 percent unsold at the previous auction.
Following are the results of the latest auction.
Figures in Bangladesh taka per kg.
BROKENS
Bold/Large Brokens 175-180
Medium Brokens 177-185
Small Brokens 188-198
Plain Brokens 150-165
FANNINGS
Best Fannings 198-203
Good Fannings 195-199
Medium Fannings 188-193
Plain Fannings 150-160
DUST
Pekoe Dust Not quoted
Red Dust 160-208
Dust 165-225
Churamoni Dust 165-239
– Reuters.
