December 23, 2015 / 4:51 AM / 3 years ago

Bangladesh tea prices edge up at weekly auction

DHAKA, Dec 23 (Reuters) - Tea prices in Bangladesh edged
higher at the weekly auction on Tuesday amid strong demand for
quality grade despite higher supplies.
    Bangladeshi tea fetched an average 191.54 taka ($2.44) per
kg at the 32nd auction of the current marketing season, compared
with 191.17 taka in the previous sale, an executive with
National Brokers said.
    About 2.03 million kg were offered at the sole auction
centre in Chittagong, of which 15.53 percent went unsold. In the
previous auction, about 11.48 percent of the 2.01 million kg
offered was unsold.
    There was strong demand from local buyers for quality tea,
the executive said.
    The national budget for the 2015/16 fiscal year that started
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 on poor
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):

 Bold/Large Brokens                   182-187
 Medium Brokens                       186-192
 Small Brokens                        190-195
 Plain Brokens                        150-170

 Best Fannings                        196-200
 Good Fannings                        193-195
 Medium Fannings                      188-191
 Plain Fannings                       150-170

 Pekoe Dust                           182-195
 Red Dust                             185-218
 Dust                                 185-224
 Churamoni Dust                       185-220

($1 = 77.7300 taka)

 (Reporting by Ruma Paul in Dhaka; Editing by Biju Dwarakanath)
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