STOCK MARKET BSE NSE

Bangladesh Tea Prices All Despite Thin Supplies Amid Unrest

Bangladesh has been racked by political unrest since anti-government protests turned violent early this year over a disputed election a year ago.

Published: 19th March 2015 11:53 AM  |   Last Updated: 19th March 2015 11:54 AM   |  A+A-

BANGLADESH: Tea prices in Bangladesh fell sharply for a second straight week at the weekly auction on Wednesday on subdued demand from local buyers despite a drop in supplies amid political unrest.

Bangladesh has been racked by political unrest since anti-government protests turned violent early this year over a disputed election a year ago. More than 120 people have been killed and hundreds injured, most in petrol bomb attacks on vehicles, amid opposition transport blockades and strikes aimed at toppling the government.

Overall, prices fell sharply again this week even though supplies were much lower from last week amid non-stop transport blockades, an executive with National Brokers Ltd said. Demand from local buyers was also tepid as the continuing political uncertainty hurt business sentiment, he added. Bangladeshi tea fetched an average 142.06 taka ($1.82) per kg, compared with 152.29 taka at the previous sale, he said.

Around 881,500 kg were offered at the sole auction centre in Chittagong, of which 31 percent remained unsold. In the previous auction, about 1.07 million kg were offered, with nearly 26 percent remaining unsold. Bangladesh's annual inflation rate rose in February, ending a declining trend since August, as renewed political unrest disrupted the country's supply chain, sending food and non-food prices higher despite a dip in global commodity prices.

More from Business.

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp