ECONOMYNEXT – Sri Lanka tea prices picked up at the second weekly auction in November amid low volumes, ending four straight weeks of falls, brokers said.
“Auction volumes declined and totaled 4.3 M/Kgs this week following the work stoppage on account of the Deepavali holidays during end October,” Forbes and Walker Tea brokers said.
“The extremely low volumes on offer this week and its continuation over the next couple of weeks perhaps triggered the additional buying interest.”
High grown picked up with BOP up 100 rupees and BOPF grade up around 50 rupees.
Last week the average low grown price was 1,401.30 rupees.
“Majority of the other Western BOP/BOPF’s sold around last week’s levels with a few select invoices appreciating following special inquiry,” Forbes and Walker said
“Limited offerings of Nuwara Eliyas’. Uda Pussellawas’ continued to sell around last although prices were irregular following quality, whilst the Uvas’ were mostly firm.
Medium growns picked up between 100 to 150 rupees a kilogram. Last week the medium grown avarges was 1,119.93 rupees a kilogram.
Low-grown teas, farmed mainly by smallholders and exported to the Middle East and Central Asia, are the most sought-after and expensive Ceylon Teas.
Low growns also fell to 1328.54, data released by Forbes and Walker showed.
Low-grown CTC prices have gained this week to. 945.32 per kilogram this week from 886.10 per kilogram last week.
Orthodox teas have slipped to 1,356.80 per kilogram from 1,454.56 per kilogram.
Few BOP well-made invoices were dearer whilst others held firm.
BOPF’s in general, are easier to market
FBOPF/FBOPF1’s select best invoices increased in value, whilst others held firm.
Selected best BOP1’s maintained, whilst best and below best were irregularly lower. Poorer types maintained. OP1’s Select best were marginally lower whilst best and below best declined.
CTC medium-grown category fell to 815.25 rupees per kilogram from 989.68 rupees per kilogram.
Western medium was down from 1,087.37 rupees to 955.24 this week.
Uva teas fell to 1,139.62 rupees per kilogram.
BOPF’s in general, gained by 50 rupees per kilogram.
BOP1’s select best and best gained by 100 rupees per kg, whilst the below best and the plainer sorts moved up by Rs. 50/- per kg.
OP1’s select best and best dearer by 100 rupees per kg whilst the below best gained by 50 rupees per kg. Teas at the bottom maintained.
OP/OPA’s Select best and best declined by 50 rupees per kg whilst all others firm.
PEK’s in general, dearer by 50 rupees per kg and PEK1’s select best gained by 100 rupees per kg.
CTC high grown fell to 942.20 rupees a kilogram from 1149.63 rupees.
Western High fell to 1,090.07 rupees per kilogram from 141.46 rupees, while Uva fell to 1,080.72 rupees per kilogram from 1163.22 rupees.
BOP’s best Westerns were dearer by 50-100 rupees per kg. Below best too followed a similar trend. Plainer types were firm to Rs.50/- per kg dearer.
Nuwara-Eliya’s were irregular. Uda Pussellawa’s moved up by 30 rupees per kg and more. Uva’s maintained.
BOPF’s best Westerns on offer appreciated by 50 rupees per kg and more. Below best were firm. Plainer types gained by 50 rupees per kg.
Nuwara Eliya’s had hardly any offerings. Uda Pussellawa’s were firm to 50 rupees per kg dearer. Uva’s sold around last.
Sri Lankan tea has been earning higher prices for tea exports in rupees after the currency was depreciated in March against the USA dollar in 2022. (Colombo/Nov 20/2022)