Tea prices in Bangladesh fell for the fourth straight week at a weekly auction on Tuesday due to low demand from local buyers in the Muslim fasting month of Ramazan, brokers said. Tea prices dropped sharply in the last marketing season on poor demand from local buyers because of the damage to business sentiment caused by renewed political unrest early this year that left more than 120 people dead and disrupted supplies.
Bangladeshi tea fetched an average 196.04 taka ($2.5) per kg at the auction on Tuesday, the eighth of the new marketing season, compared with 196.52 taka at the previous sale, said an executive with National Brokers Ltd. "Prices dropped again this week as demand is not good during the Muslim fasting month of Ramazan," the official said.
Consumption of tea is typically low during Ramazan, which started earlier this month. Around 1.23 million kg was offered at the sole auction centre in Chittagong, of which nearly 7 percent was unsold. In the previous auction, about 11 percent of the 1.23 million kg offered was unsold.
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