The average price of Kenya's best grade Broken Pekoe Ones rose slightly to $3.59 per kg from $3.55 per kg last week, brokers said on Wednesday. Africa Tea Brokers (ATB) said Best BP1s sold at between $4.22-$2.95 per kg from $3.95-$3.14 last week. Best BP1 average price peaked at a record $5.45 per kg in December.
ATB said 135,606 packages were offered for sale, with 15,420 unsold. Last week, 123,202 packages were offered for sale, with 11,590 unsold. "Good but irregular demand continued for the packages on offer with some teas remaining unsold," ATB said in its market report. Brighter Pekoe Fanning Ones (PF1s) fetched $3.40-$3.00 per kg from $3.52-$3.04 per kg last week.
ATB said Egyptian Packers, Kazakhstan and Pakistan Packers bought more tea than last week, as did Russia, while Yemen, Afghanistan and the Pakistan Bazaar bought less. Kenya is one of the world's top black tea exporters and the crop is the second biggest source of foreign exchange in east Africa's largest economy after horticulture.
Kenya's tea regulator said last week that good rains boosted production to 34.8 million kg in February from 21.5 million kg versus the same month a year ago. The board forecasts production to rise more than 15 percent this year, from 315 million kg of tea in 2009.
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