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| Monday, 29 March 2004 |
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Average tea prices at record levels S.M. Jiffrey Abdeen - Kandy South Group Corr The average prices of tea sold at the Public Auction on March 16 and 17 reached the all time high record of Rs. 168/51 per kilogramme which eclipsed the existing record average price per kilogramme of Rs. 166/64 per kilogramme set up the previous week according to the brokers Asia Siyaka Commodities (pvt) Limited's weekly tea update dated March 24. The report by Asia Siyaka said this was a culmination of a continual price rise since January this year. The Western quality season the average price per kilo peaked at record levels of Rs. 174 - Rs. 175 in February this year and exceeded the Low Grown Average. This is not a regular occurrence. In recent weeks the average price per kilo for High Grown teas had shed around Rs. 3 per kilo but the low growns recorded similar gains, though yet to achieve the average price levels of High Growns. The Mid Grown teas too have now peaked at a highest ever Rs. 149/23 per kilo at the same auctions, improving on a record set back in 1998. The report adds that when looking deeper at these record prices one finds very little to cheer about. The current dollar values of the National Average at 1.74 US dollars per kilo shows only a nominal gain on levels that prevailed in 2002/2003 and are way below values realised during the period mid 1997 and mid 1998 when the National Average price per kilo consistently exceeded US $ 2 per kilo. It took the Rouble crisis to break the price trend. |
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