Sri Lanka tea auction prices up, good demand

Jan 05, 2017 (LBO) - Sri Lanka tea's first Auction of the year concluded seeing good demand with high grown tea prices recording gains and low grown teas fluctuating, a report said. "Prices for low grown teas tend to fluctuate whilst High and Mid Grown small leaf teas made an impressive start recording significant price gains," Forbes & Walker Tea Brokers said in a report. Ex-Estate offerings totalled 0.9M/Kgs. Overall quality of teas from Western planting districts - had on offer a wider selection of brighter teas whilst teas from Nuwara Eliya and Uva/Udapussellawa regions were mostly similar to last. “There was improved widespread activity from most markets which is indeed encouraging,” the report added. The full report follows: The first Auction of the year concluded today had on offer a total of 6.7M/Kgs. There was good demand. Prices for Low Grown teas tend to fluctuate whilst High and Mid Grown small leaf teas made an impressive start recording significant price gains. Ex-Estate offerings totalled 0.9M/Kgs. Overall quality of teas from Western planting districts - had on offer a wider selection of brighter teas whilst teas from Nuwara Eliya and Uva/Udapussellawa regions were mostly similar to last. Best Western BOP’s -majority of teas gained Rs. 20/- per kg and more from a selection of improved invoices following special inquiry. Corresponding BOPF’s which at the commencement of the sale was up to Rs. 20/- per kg dearer, moved up as the sale progressed recording gains of Rs. 40-60/- per kg and more by the closure. BOP’s in the below best category gained Rs. 10-20/- per kg whilst the plainer sorts were up to Rs.30/- per kg dearer. Corresponding BOPF’s which at the commencement was up to Rs.30/- per kg dearer appreciated by Rs. 40-60/- per kg and more by the closure. Nuwara Eliya’s were barely steady. Uva/Udapussellawa BOP’s were up to Rs.20/- per kg dearer whilst corresponding BOPF’s gained Rs. 30-40/- per kg. CTC BP1’s appreciated Rs. 10/- per kg all around. Corresponding PF1’s in High and Mid Grown categories gained Rs. 20-30/- per kg whilst Low Growns gained Rs. 10-20/- per kg. The limited availability of Liquoring Leafy Teas witnessed renewed interest and consequently prices ranged from Rs.550-820/- There was improved widespread activity from most markets which is indeed encouraging. Low Growns totalled approximately 3.3M/kgs in the Leafy/Tippy catalogues this week. There was fair demand at slightly lower levels. In the Leafy Catalogue better BOP1/OP1’s were lower. Others particularly the improved below best were firm. At the bottom end  however, prices were fully firm. OP/OPA’s commenced Rs.5-10/- per kg lower but declined  further towards the close. PEK’s too were irregular and lower. Better PEK1’s were easier whilst selection of improved sorts maintained. In the Tippy catalogues better FBOP/FF1’s were irregular and lower. Cleaner secondaries were fully firm to selectively dearer. In the Premium catalogues too a selection of teas were fully firm to selectively dearer. Others were mostly lower. There was  good demand  from shippers  to Dubai,Iraq,Turkey,CIS, Saudi Arabia and Kuwait.