Tea prices in Bangladesh fell sharply at the weekly auction on Tuesday on tepid demand from local buyers despite a drop in supplies amid political turmoil. Bangladesh has been racked by political unrest since anti-government protests turned violent in January over a disputed election a year ago.
government. Overall, prices fell sharply even though supplies were much lower from last week amid non-stop transport blockades, an executive with National Brokers Ltd said.
Demand from local buyers was also lukewarm as the continuing political uncertainty hurt business sentiment, he added.
Bangladeshi tea fetched an average 152.29 taka ($1.95) per kg, compared with 174.89 taka at the previous sale, he said.
About 1.07 million kg were offered at the sole auction centre in Chittagong, of which 26 percent remained unsold. In the previous auction, about 1.41 million kg were offered, with nearly 37 percent remaining unsold.
Bangladesh’s annual inflation rate rose in February, ending a declining trend since August, 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.
Bold/Large Brokens not quoted
Medium Brokens 140-170
Small Brokens 160-180
Plain Brokens 90-130
Best Fannings 200-220
Good Fannings 185-195
Medium Fannings 150-160
Plain Fannings 90-130
Pekoe Dust not quoted
Red Dust 145-250
Churamoni Dust 160-241