John Keells Tea Market Report: Improved demand from Russia and Iraq

The large weight of 1.5 mkgs of ex estate teas on offer met with improved demand, despite quality in general showing a decline in the tea auction this week.

Better Western High Grown BOP/BOPFs on offer were firm to dearer by Rs 10 to Rs 15 whilst the below best appreciated by Rs 10 to Rs 15 and more.

The plainer types gained but to a lesser extent and fluctuated following quality.
Nuwara Eliya BOP/BOPFs sold well with the BOPs on average appreciating Rs 10 to Rs 15 and BOPFs mostly maintaining. Uva’s fluctuated and was irregularly dearer.
Low Grown CTC PF1s were firm to irregular whilst High and Medium PF1s were firm to a little lower. BP1s in general appreciated Rs 10 to Rs 15. The tea bag sector and Russia lent fair support whilst UK, Japan and Continental buyers too were somewhat active.

The larger volume of 3.8 mkgs of Low Growns that were on offer this week, met with very good demand. In the Leafy category, the wiry well made OP1s continued to sell at very attractive levels. The Pekoe/Pekoe1s sold around last levels, whilst the better OPs advanced sharply.

The OPAs too met with a fully firm market. In the Small leaf category, the FBOP/FF1s met with a dearer market.

The Tippy varieties too advanced in value.

Considering the large volume on offer, the demand and prices displayed at this week’s auction is quite encouraging. There was improved demand from Iran and Russia, whilst Iraq, Syria, Jordon, Saudi Arabia, Dubai and other Middle Eastern countries lent useful support.

Western Teas
Select Best BOPs advanced Rs 10 to Rs 15, other good invoices too gained Rs 10 on average, Below Best sorts advanced Rs 10 to Rs 15 and more following quality, plainer varieties were Rs 10 dearer.
Select Best BOPF advanced Rs 10 to Rs 15, other good invoices gained Rs 10 to Rs 15 and at times more. Below Best sorts advanced Rs 10 to Rs 15 on average, plainer varieties were Rs 10 dearer.

Nuwara Eliya Teas
BOPs were firm to marginally dearer whilst the BOPF gained Rs 10 to Rs 15 on average.

Uva Teas
BOPs were firm whilst the BOPF gained Rs 10 on average. Udapussellawa BOPs were Rs 10 to Rs 15 dearer whilst the BOPF gained Rs 5 to Rs 10 on average.

CTC Teas
Low Grown CTC PF1s / BP1s were firm, High and Medium PF1s were firm to irregular, BP1s gained Rs 5 to Rs 10.

Low Growns
Good demand. Select Best OP1s were fully firm, Best types too were firm to Rs 3 to Rs 5 dearer at times, however Below Best and poor sorts were irregularly lower by Rs 5 to Rs 10 Select Best BOP1s declined sharply by Rs 15 to Rs 20 and more at times, the Best types too eased Rs 5 to Rs 10 Below Best types maintained last levels, poor sorts shed Rs 5 to Rs 10.

Select Best OP/OPAs were steady, Best types appreciated Rs 5 to Rs 10 and more following quality, Below Best varieties were firm on last levels, however the poor stalky types were irregularly lower by Rs 5 to Rs 10. Select Best Pekoes shed Rs 10 to Rs 15, however the Best and Below Best types were mainly firm, poor types tended lower by Rs 5 to Rs 10. Shotty Pekoes eased Rs 5 to Rs 10, Best types maintained last levels, Below Best and poor sorts were irregularly lower by Rs 5 to Rs 10. Select Best BOP.SPs maintained last levels, Best and Below Best types were lower by Rs 5 to Rs 8, the poorer types too were lower by Rs 10. Select Best and Best BOPs advanced Rs 5 to Rs 10 Below Best and poor types shed Rs 5 to Rs 10 Select Best FBOPs gained Rs 5, Best and Below Best types maintained last levels, poor types declined Rs 10. Select Best FBOPF1s were firm to dearer at times however Best types were firm, Below Best and poor sorts shed Rs 10 Select Best and Best tippy varieties met with good demand and advanced above last levels, Below Best and poor types however were lower to last.

Off Grades
Select Best liquoring Fngs1s were lower by Rs 5, Below Best and Best appreciated Rs 5 to Rs 10. Poorer sorts advanced by Rs 5.

Select Best BMs were easier to last by Rs 10 whereas Best and Below Best depreciated Rs 10, poorer sorts gained Rs 5 to Rs 10.

All Low Grown Fngs were irregularly dearer by Rs 10.

All BPs appreciated Rs 5 to Rs 10. Select Best BOP1As were firm to easier by Rs 10 while Best, Below Best and others were lower to last by Rs 10 to Rs 20 and more at times.

Dust
Select Best Dust1s gained Rs 5 to Rs 10, others in the Best and Below Best category appreciated Rs 10 to Rs 15 whilst the poorer sorts were irregularly lower. Clean secondaries along with the Below Best types advanced Rs 5 to Rs 10 whilst the poorer sorts were firm.

Best Low Grown Dust / Dust1s were firm. Below Best types were dearer by Rs 5 to Rs 10 whilst the poorer sorts were irregularly lower.

source - www.dailynews.lk