Tea prices in Bangladesh fell sharply for a fourth week running at Tuesday’s weekly auction, amid tepid demand from local buyers despite dwindling supplies amid political unrest.
Tea supplies were higher at the last auction in the current season as violence eased, but demand remained lacklustre because of the damage to business sentiment caused by the political uncertainty, an executive with National Brokers Ltd said.
More than 120 people have been killed and hundreds injured as a result of anti-government protests over last year’s disputed election.
Bangladeshi tea fetched an average 113.79 taka ($1.6) per kg, compared with 134.62 taka at the previous sale, he said.
About 565,522 kg was offered at the sole auction centre in Chittagong, of which nearly 25 percent remained unsold. In the previous auction, about 8 percent of 419,543 kg was unsold.
Bangladesh’s annual inflation rate rose in February as renewed political unrest disrupted the country’s supply chain, sending food and non-food prices higher despite a dip in global commodity prices.
Following are the results of the latest auction. Figures are in Bangladesh taka per kg.
BROKENS
Bold/Large Brokens not quoted
Medium Brokens 110-135
Small Brokens 125-140
Plain Brokens 65-110
FANNINGS
Best Fannings 150-170
Good Fannings 140-150
Medium Fannings 120-130
Plain Fannings 70-110
DUST
Pekoe Dust not quoted
Red Dust 90-139
Dust 110-165
Churamoni Dust 105-163
– Reuters
