DHAKA: Tea prices in Bangladesh rose for a second straight session at the weekly auction on Tuesday due to strong demand for the winter season amid tight supplies.
Bangladeshi tea fetched an average 193.55 taka ($2.44) per kg at the 33rd auction of this marketing season, up from 191.54 taka in the previous sale, an executive at National Brokers said.
About 2.02 million kg were offered at the sole auction centre in the port city of Chittagong, of which 12 percent went unsold. In the previous auction, about 15.53 percent of the 2.03 million kg offered was unsold.
There was strong demand from local buyers for quality tea for the winter season, helping prices, the executive said.
The national budget for the 2015/16 fiscal year which began 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.
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