With crop intakes from most plantation regions easing, and quality also showing an improvement, John Keells tea market report said.
Analysts believe that they have seen the bottom of the market and expect auction prices to keep moving up gradually as seen at the recent sales.
The quantity on offer at Wednesday's Ex-estate sale comprising of 1.29 mkgs met improved and wide spread demand. After a run of depressed prices particularly in the month of May, the producers would welcome the ascending prices witnessed at the last two sales.
Western High Grown BOPs, particularly in the below best category advanced Rs 5 to Rs 10 whilst the BOPF were mostly firm, with slightly better demand for teas which had a good leaf appearance. Nuwara Eliya BOP/BOPF sold well maintaining last weeks levels. CTC PF1/BP1s were Rs 5 to Rs 10 dearer.
The 3.6 mkgs of Low Growns that were on offer this week, met excellent demand with. In spite of the large volumes that we have seen in the recent past, prices for the best on offer appreciated in value, whilst the below best varieties in the leafy category too maintained last levels with the exception of the Pekoe1 grade. However, in the small leaf category, some of the poorer teas met with less demand with prices declining a few rupees.
The current demand seen at the Colombo Auctions is a clear indication that global demand is sufficiently buoyant. There was excellent demand from Russia, Iran, Iraq and Turkey whilst Dubai, Syria, Saudi Arabia and other Middle Eastern countries also lent useful support.
Western Teas
Select Best BOPs declined Rs 5 to Rs 10, other good invoices advanced Rs 5, Below Best and plainer varieties gained Rs 5 to Rs 10 on average. Select Best BOPFs were firm to easier, other good invoices were firm to dearer. Below Best sorts were firm to irregular, plainer varieties advanced Rs 5. Medium BOPs were firm, BOPFs shed Rs 15 to Rs 10.
Nuwara Eliya Teas
BOPs advanced Rs 5 to Rs 10, whilst the BOPFs were firm to easier.
Uva Teas
Coloury BOPs were firm, others gained Rs 5 to Rs 10. Coloury BOPFs eased Rs 10, others gained Rs 10 on average. Brighter Udapussellawa BOPs advanced Rs 10 to Rs 15, others were firm. BOPFs gained Rs 5 to Rs 10 on average.
CTC Teas
Low Grown PF1s advanced Rs 5 to Rs 10. BP1s were firm. High & Medium PF1s gained Rs 5 to Rs 10. BP1s were firm to dearer.
Low Growns
Good demand. Select Best OP1s along with the Best OP1s were irregularly dearer by Rs 10 to Rs 15, however the Below Best and poor sorts declined Rs 10 to Rs 15 following quality.
Select Best BOP1s appreciated Rs 5 to Rs 10, Best and Below Best types maintained last levels, poor types tended lower by Rs 5 to Rs 10.
Select Best along with the Best OPs appreciated Rs 10 to Rs 15, Below Best and poor types were firm. Select Best OPAs were firm to Rs 3 to Rs 5 lower at times, Best types along with the Below Best varieties maintained last levels, however the poor stalky types declined Rs 5 to Rs 10. Select Best Pekoes shed Rs 5 to Rs 10 and more at times, the other bold Pekoe varieties were firm on last levels. Shotty Pekoe1s eased Rs 10 to Rs 15, Best types too tended lower by Rs 5 to Rs 10, balance were steady.
A few select Best BOP SP advanced Rs 10 to Rs 15 and at times more, however the balance maintained last levels, Best types were firm, Below Best types were easier by Rs.5/- to Rs.10/-, poor types were dearer by Rs 5 to Rs 10. Select Best and Best BOPs advanced Rs 10 to Rs 20 and at times more, Below Best types were easier by Rs 5 to Rs 10, poor sorts moved up by a similar margin.
Select Best FBOPs met with good demand and advanced Rs 10 to Rs 20 and at times more for some neat wiry well made types, the Best sorts too gained Rs 5 to Rs 10, Below Best types met with less demand and shed Rs 10 to Rs 15 and at times remained discounted due to lack of demand, however the poorest appreciated Rs 5 to Rs 10. Select Best and Best FBOPF1 moved up Rs 10 to Rs 20, Below Best types eased Rs 5 to Rs 10, poorer sorts moved up Rs 5 to Rs 10.
Select Best Tippy varieties eased a few Rupees on last levels, however the price levels are still quite attractive, Best sorts moved up a few on last.
Below Best and the poorer types in particular shed Rs 10 to Rs 20 and at times were difficult of sale.
Off Grades
Select Best liquoring Fngs1s appreciated Rs 5, Below Best and Best were irregularly dearer by Rs 5 to Rs 10, poorer sorts sold at firm levels. Select Best BMs were irregularly dearer by Rs 5, whilst the Best and the Below Best depreciated Rs 15 to Rs 20 and more at times. Poorer sorts were easier to last by Rs 10. All clean BPs were firm to dearer by Rs 5, poorer sorts depreciated Rs 10.
All Low Grown Fgs were lower by Rs 10 to Rs 20 and more at times. Select Best and Best BOP1As were firm to irregularly lower by Rs 5, whilst Below Best and others were lower to last by an average of Rs 10.
Dust
Select Best Dust1s declined Rs 5 to Rs 10, others in the Best and Below Best category declined Rs 15 to Rs 20, whilst the poorer sorts declined further. JKH tea market report
source - www.dailynews.lk
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