Bangladesh tea prices down

Tea prices in Bangladesh dipped more than 7 percent at a weekly auction on Tuesday, dragged down by inferior-quality leaf, following a small rise in the previous auction. Bangladeshi tea fetched an average of 126.56 taka ($1.6) per kg at the auction, down from 136.38 taka at the previous sale, the National Brokers said in a market report.
Buyers showed little interest in the end-of-season leaf that tends to be of inferior quality, leaving a huge quantity unsold despite a drop in supplies, said a senior official of the National Brokers. Competitive prices, however, attracted buyers from Pakistan, the official added. About 30.7 percent of the 1.9 million kg offered at the sole auction centre in Chittagong was left unsold. In the previous auction, about 33 percent of the 2.1 million kg on offer remained unsold.