The average price of Bangladeshi teas jumped by more than 12 percent to 92.44 taka ($1.48) per kg on higher local demand at the weekly tea auction on Tuesday, brokers said. "More than 1.13 million kg were sold at an average price of 92.44 taka per kg, up 10.19 taka from previous sale. The withdrawal percentage was 9.57," a market report by National Brokers Limited (NBL), the country's largest tea broker, said. Buyers from the Commonwealth of Independent States, Afghanistan, Pakistan and Bangladesh participated in the auction.

"Local buyers bid strongly at the auction, outpricing most overseas buyers," Rafay Nizam, a director of NBL, said.

Local demand was stronger as the auction was held after a lapse of a week due to Eid-al-Adha holidays, he said.

Some 150 kg of well-made Golden Broken Orange Pekoe realised the highest price of 195 taka per kg.

The next weekly auction will be on February 8, with an expected offering of nearly 1.0 million kg of tea.

Copyright Reuters, 2005