ECONOMYNEXT – Sri Lanka’s Ceylon tea prices continued to fell 50-150 rupees per kilogram at an auction on May 10, amidst increased offerings and fair demand.
Total auction volume was increased to 6.2 million kilograms, Forbes and Walker tea brokers said in a report.
The prices of High and Medium Growns fell while most of the Low growns prices were stable.
The weekly sale average fell by 22.97 rupees to 1132.97 rupees from 1155.94 rupees, according to data.
The High Grown sale average was down by a fast 18.45 rupees to 1,1108.53 from 1,126.98 rupees, Ceylon Tea Brokers said.
Ex-Estate offerings totalled 0.95 million kilos.
Overall quality was lower to last with a greater majority of offerings comprising of fair average quality teas, Forbes and Walker said.
BOP and BOPF prices fell by 50 rupees, BP1 fell by 70 rupees and the price of PF1 fell by 100 rupees.
The better Western BOP/BOPF’s continued to sell reasonably well around last week’s levels, whilst the other BOP/BOPF’s declined 50 rupees per kilograms and 50-100 rupees per kilograms respectively in most instances with the market weakening to some extent as the sale progressed.
Price of PEK was down by 100 rupees while BOP1 was up by 50 rupees.
OP1 and OP/OPA were steady.
Low Growns comprised 2.5 million kilos.
The average price of Low Grown, fell 15.33 rupees to 1,188.50 rupees per kilo in the last auction.
“Leafy, Semi Leafy and Tippy catalogues met with lower demand. There was better demand from shippers to the Russian continent, whilst Türkiye, Syria and Iran were very selective,”Forbes and Walker said.
PEKOE Select Best PEK/PEK1’s maintained, whilst Best and Below Best varieties declined. Poorer sorts were easier.
BOPF Well made BOPF’s were easier. However, balance sold on last levels.
FBOPF/FBOPF1 A selection of high priced leafier tippy varieties were firm, whilst all others declined substantially and at times were unsellable due to lack of sufficient bids.
Few select Best FF1’s were firm, whilst balance were lower in general.
The Medium Growns sale average fell 22.33 rupees to 983.58 rupees last week.
FBOP, FBOPF1, PEK1 and OP1 fell 50-150 rupees per kilo in the last auction.
BOP1/OP1 BOP1 – Select best were lower by 50 rupees per kilograms whilst the best and below best were easier by 100 rupees per kilograms. Others shed 50rupees per kilograms.
OP1 – Select best were decreased by 150 rupees per kilograms whilst the best and below best were lower by
100rupees per kilograms. Others eased by 50 rupees per kilograms.
OP/OPA Select best were lower by 100 rupees per kilograms. Best and below best were easier by 50rupees per kilograms.
Others held firm. (Colombo/May 14/2023)