Bangladesh tea prices snap 2-week gaining streak

Friday, 12 January 2018 00:00 - - {{hitsCtrl.values.hits}}

DHAKA (Reuters): Tea prices in Bangladesh fell at the weekly auction, snapping a two-week run of gains, but strong demand for quality leaf prevented a steeper decline and the proportion of tea sold rose despite a higher volume on offer.

Bangladeshi tea fetched an average price of 235.78 taka ($2.80) per kg at the auction held on Tuesday, compared with a revised price of 238.23 taka at the previous sale, National Brokers said.

There was muted demand from buyers, but strong demand for quality leaf helped limit the drop in prices, a senior official with National Brokers said.

The proportion of tea sold also rose despite higher supplies than last week, he added.

About 17.6% of the 2.33 million kg offered at the sole auction centre in Chittagong was unsold, compared with 19% unsold of the 2.27 million kg offered in the previous auction.

Bangladesh’s tea production jumped nearly 27% in 2016 to a record 85 million kg, helped by favourable weather, making imports a choice not a necessity.

The South Asian country was the world’s fifth-largest tea exporter in the 1990s but is now a net importer due to a surge in domestic consumption in line with economic growth.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.