Tea market comment

6.57 Mnkg of teas were on offer this week of which 3.29 Mnkg were Low Growns. This amount is almost 500,000 kgs lower than the quantity offered last week. Market, however did not react positively to the decrease in quantity. The market was lower to the levels witnessed last week. Except for Pekoe/Pekoe 1 varieties and very tippy teas, all other varieties of tea declined in value.

In the Large Leaf catalogues OP1/BOP1s were neglected and witnessed substantial price drops. OP1s in particular were difficult of sale. OP/OPA too lost out in value and eased Rs. 10 to Rs. 20 and more.

Pekoe/Pekoe1 varieties however gained on last weeks closing levels and recorded price advances of Rs. 10 to Rs. 15. In the Small Leaf catalogues select best FBOP/FBOPF1s were substantially lower with the other varieties too easing value. Well made tippy sorts however gained Rs. 50 to Rs. 100. This however is a small percentage of the offering.

There was less general demand in the Ex-Estate catalogues with prices sliding as the sale progressed. But Western BOP/BOPFs that attracted special enquiry last week lost Rs. 20 per kg. Others declined Rs. 10 to Rs. 15 and more for the plainer teas. Best Nuwara Eliya BOPs lost Rs. 10 to Rs. 20. Below best were firm. Plainest declined Rs. 10. BOPFs declined Rs. 10 to Rs. 20. Well made better liquoring Uva BOPs enjoyed a premium but did not maintain last week’s levels.

Courtesy: Asia Siyaka Commodities (Pvt) Ltd.