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Friday, May 14, 2010

Sri Lanka Tea market update

The weak market across the board at Wednesday's ex-estate sale could partly be attributed to the abundance of plain weathery teas, and the large quantity on offer.

More of the same trend is expected in the coming sales, not unusual at this time of the year.

Tea pluckers

With crops remaining healthy, particularly from the Western sector, it is not difficult to predict, continuing easier prices, particularly for the Below Best and plainer teas, until such time towards the end of July, when auction quantities start to ebb and the first few brighter teas start to flow from Uva, heralding the onset of the Uva season.
At today's ex-estate sale comprising of 1.37 mkgs which is 0.4 mkgs more than the previous week, met with lower demand, although quality on offer was somewhat better than last week.

The best Western High grown BOP/BOPF's declined Rs 20 to 25 whilst the below best and plainer types too shed by a similar margin and more as the sale progressed.

Nuwara Eliya teas continued its downward trend for both BOP/BOPF's with only a few brighter invoices maintaining. Uva's were irregular following quality.

Best Low grown CTC PF1's were firm to easier by Rs 10 to Rs 15 whilst others too declined on average Rs 20 and more. High and Medium types declined substantially by Rs 30 to Rs 40.

The 2.8 mkg of Low Growns that were on offer this week, met with very good demand, however at slightly lower levels.

In the leafy category, the BOP1/OP1s met with a lower market, whilst the shotty Pekoe1s too were easier. However the bold Pekoes and the best and below best OPAs advanced in value.

In the Small leaf category, the best Tippys were a dearer feature but the below best and the poorer types declined.

The FBOP/FF1s too eased several rupees.

Considering the quality on offer this week, prices are still quite satisfactory. There was excellent demand from Russia and Iran, whilst Dubai, Syria, Iraq, Saudi Arabia and other Middle Eastern markets also lent useful support.

Western Teas

Select Best BOPs shed Rs 10 to Rs 15 and more, other good invoices too were Rs 10 easier, Below Best sorts declined Rs 15 on average, Plainer varieties eased Rs 20 and more. Select Best BOPF shed Rs 20 to Rs 30, other good invoices were Rs 15 to Rs 20 easier, Below Best and Plainer varieties declined Rs 15 to Rs 20 and more as the sale progressed. Medium BOPs were firm to easier. BOPF eased Rs 10 to Rs 15 on average.

Nuwara Eliya Teas

BOPs declined Rs 15 to Rs 20 and more for the plainer varieties. BOPF eased Rs 10 to Rs 15 on average.

Uva Teas

Coloury BOPs were Rs 10 to Rs 15 easier, others shed Rs 15 to Rs 20 on average. Coloury BOPF eased Rs 15 whilst the others were Rs 10 to Rs 20 lower. Udapussellawa BOPs declined Rs 20 to Rs 30 whilst the BOPF shed Rs 20 to Rs 30 on average.

CTC Teas

Select Best Low Grown PF1s were Rs 10 to Rs 15 lower, others declined Rs 30 to Rs 40 and more at times. BP1s were firm. High & Medium PF1s shed Rs 20 to Rs 30 and more, whilst the BP1st were Rs 10 to Rs 15 easier.

Low Growns

Fair demand. Select Best OP1s eased Rs 20 to Rs 40, Best types were firm to Rs 5 to Rs 10 lower at times, Below Best types gained Rs 10 to Rs 15, Poor types were firm on last levels. Select Best BOP1s along with the Best BOP1s shed Rs 10 to Rs 15, Below Best and poor types were steady.

Select Best OP/OPAs were fully firm, Best types gained Rs 5 to Rs 10 following quality, Below Best and Poor types maintained last levels. Select Best Pekoes appreciated Rs 10 to Rs 20, the balance were firm to Rs 5 to Rs 10 lower at times.

Shotty Pekoe1s declined Rs 10 to Rs 20, Best types too were irregularly lower by Rs 5 to Rs 10, Below Best and Poor sorts were mainly firm. Select Best and Best BOPs shed Rs 5 to Rs 10, Below Best and Poorer sorts declined by a similar margin.

Select Best and Best BOP.SPs were lower by Rs 5 to Rs 10, balance too were lower by a similar margin.
Select Best and Best FBOPs/FBOPF1s eased Rs 5 to Rs 10 on last levels, Below Best and Poorer sorts too shed by a similar margin. Select Best and Best tippy varieties met with good demand and advanced well above last.
However Below Best and Poor types were lower by Rs 5 to Rs 10.

Off Grades

Select Best liquoring FNGS1 were dearer by Rs 10 to Rs 15, Below Best appreciated by Rs 10, Poorer sorts were irregularly dearer by Rs 10.

Select Best BMs sold at firm levels whilst the Best and the Below Best were lower by Rs 10, Poorer sorts depreciated Rs 10.

All clean Low Grown FNGS appreciated Rs 10 whilst the others were lower by Rs 5.

All clean BPs appreciated by Rs 10, the other categories were lower by Rs 10.

Select Best BOP1As were easier by Rs 10 to Rs 15, whereas Best and Below Best BOP1As were firm to irregularly lower by Rs 10, poorer sorts were firm on last levels.

Dust

Select Best Dust1s were firm, others in the Best and Below Best category appreciated Rs 15 to Rs 20 at the commencement of the sale but declined Rs 5 to Rs 10 as the sale progressed.

Clean secondaries along with the Below Best types gained Rs 10 to Rs 15. Best Low Grown Dust / Dust1s were firm whilst the balance gained Rs 5 to Rs 10.

source - www.dailynews.lk