Tea prices sharply down amid unrest

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.

tea cupMore than 100 people have been killed and hundreds injured, most in petrol bomb attacks on vehicles, amid opposition transport blockades and strikes aimed at toppling the

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.

BROKENS

Bold/Large Brokens               not quoted

Medium Brokens                     140-170

Small Brokens                       160-180

Plain Brokens                         90-130

FANNINGS

Best Fannings                                    200-220

Good Fannings                       185-195

Medium Fannings                   150-160

Plain Fannings                       90-130

DUST

Pekoe Dust                                      not quoted

Red Dust                                         145-250

Dust                                             150-220

Churamoni Dust                     160-241

– Reuters


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