Tea prices have improved after week, of slow trading. At the Limbe Tea Auction, the market recorded one of the highest prices in weeks at $2.20 as compared to last week’s auction where the highest bidder offered $1.80 for the best tea.
The lowest price on offer during the auction was $0.72.
Coffee and Te a Merchants Association of Malawi Chairperson, William Sichinga, said the development is as a result of off season market dynamics.
“We are going into off season and buyers are scrambling for the little tea that is available on the auction. This has pushed the price upwards which is a good development,” said Sichinga.
The auction saw 24 lots weighing 58,860 kilogrammes being auctioned under Tea and Commodity Brokers Limited while Tea Brokers Central Africa Limited auctioned 36 lots weighing 82,980 kilogrammes.
Tea is Malawi’s second largest foreign exchange earner after tobacco.
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