The average price of Bangladesh teas rose up slightly to 98.35 taka ($1.41) per kg following competition among buyers at a weekly auction on Tuesday, brokers said.
"Close to 1.27 million kg were sold at an average price of 98.35 taka per kg, up 0.35 taka from the last sale. The withdrawal percentage was 5.24," said an official of the National Brokers Limited, the country's largest tea broker. Buyers for Pakistan and Bangladesh participated in the auction.
Some 250 kg of Red Dust realised the highest price of 150 taka per kg, followed by another 250 kg, selling at 145 taka. Other grades were sold between 86 and 126 taka per kg.
"A lower offering, triggered a strong competition, which helped prices to go up slightly," another auctioneer said. The offerings in recent auctions were at least 15 percent lower compared to the previous year due to lower production, he said. The next weekly auction will be held on August 1 with an expected offering of nearly 1.18 million kg.