Bangladesh tea prices rally for sixth week on quality leaf

Thursday, 23 June 2016 00:00 - - {{hitsCtrl.values.hits}}

Untitled-2 DHAKA (Reuters): Bangladesh tea prices rose for a sixth straight weekly auction on Tuesday on strong demand for quality leaf despite a higher volume on offer, brokers said.

Bangladesh tea fetched an average of 248.26 taka ($2.7) per kg at the auction, the ninth of the new marketing season, up from 245.04 taka in the previous sale.

Strong demand was seen throughout the sale and prices advanced further due to competition, the National Brokers said in a market report.

Nearly 1.87 million kg was offered at the sole auction centre in Chittagong, of which 3.4% was unsold. In the previous auction, about 3.5% of 1.65 million kg was unsold.

Bangladesh has moved from being a net exporter to a net importer of tea due to rising consumption.