This year, perhaps due to the erratic weather and quality, the bids on Uva and Nuwara Eliya teas have hitherto been few and far between, with many BOP, BOPF, Pekoe and OP grades failing to reach expected levels.
Even the Western BOPs were neglected, and received reasonable attention only this week, albeit at less than attractive levels.
Only their BOPF have received strong bidding, and prices have steadily moved up in the past few sales, to reach Rs 400 or more, for the better invoices.
Last year, the fourth quarter of the calendar year witnessed high prices. Hence, evaluating the Sri Lanka Tea Sale Averages for Uva High in the month of August, reveals a drop of almost Rs 60 per kg or 16.97 percent compared to the corresponding period of 2009, whereas Mediums at Rs -24.53 (7.09 percent) and Low Grown at Rs -18.17 (4.33 percent) have recorded much lower negative variances. Interestingly Low Grown CTC has recorded a positive variance of Rs 50.20 per kg which is a 12.21 percent increase over the same period last year.
The trade was anxious that the demand for Low Grown teas might not be strong in August due to the Ramazan season.
However, CIS countries as well as many middle eastern countries came in strongly, and the averages moved up steadily, to be above Rs 400. During the past couple of months, there has been a drop in the availability of leafy teas, as a total, from Sri Lanka, Vietnam and India.
This has helped reach the current price structure.
Today’s 1.0 mkgs of ex-estate teas on offer met with good demand. Western BOPs in general appreciated Rs 15 to Rs 20 for better teas on offer, with most invoices now selling above the Rs 300 mark. BOPFs on the other hand were well sought after with prices moving up by Rs 20 to Rs 25, with a number of invoices exceeding the Rs 400 mark.
The few brighter Nuwara Eliya BOPs on offer were Rs 5 to Rs 10 dearer, whilst others were firm. BOPFs were firm to a little dearer, except for the poor leaf types that tended lower.
Uvas were irregular following quality with only a handful of invoices selling above Rs 500.
CTC PF1s from all elevations continued to decline especially as the sale progressed with a fair weight remaining unsold.
The few BP1s on offer appreciated a few rupees.
The tea bag sector and Russia was quite active whilst UK, Japan and Continental buyers lent fair support.
The 3.5 mkg of Low Growns that were on offer this continued to meet with wide spread demand. In the Leafy category, the BOP1/OP1s continued the bullish trend witnessed previously, whilst the OP/OPAs too saw wide spread bidding.
Although there was excellent demand for Pekoes, prices for the better varieties declined a few rupees. In the Small leaf category, FBOP/FF1s continued to meet with excellent demand however, the prices declined a few rupees.
The levels could be quoted as very attractive for the time of year.
In the Tippy varieties, particularly the long leafy types advanced quite sharply whilst the small leaf varieties were mainly firm.
All in all another sale with attractive prices.
Russia, Iraq and Iran were very forceful, whilst Dubai, Syria, Jordon, Saudi Arabia and other Middle Eastern countries lent useful support.
Production in all Low Grown Planting Districts have shown a progressive decline over the weeks due to the very hot and humid conditions experienced at present. Hence, the volumes on offer in the latter part of September and early October is expected to be low.
Western Teas
Select Best BOPs were firm to Rs 5 to Rs 10 dearer, other good invoices were firm on last levels, whilst the Below Best and plainer varieties followed a similar trend.
Select Best BOPFs were dearer by Rs 20 to Rs 30 and at times more, other good invoices too gained Rs 10 to Rs 20, Below Best and plainer varieties advanced Rs 5 to Rs 10. Medium BOPs were firm to Rs 10 dearer at times, whilst the BOPFs were firm to a little easier.
Nuwara Eliya Teas
Bright Nuwara Eliya BOPs were firm to Rs 5 dearer, whilst the BOPFs too appreciated Rs 5 to Rs 10.
Uva Teas
A few bright Uva BOPs sold well on special inquiry, whilst the others were firm to easier by Rs 10 to Rs 20. Brighter BOPF too were firm to dearer at times by Rs 10 to Rs 15.
CTC Teas
Low Grown CTC PF1s were Rs 10 easier at the commencement of the sale but declined as the sale progressed with some invoices remaining unsold. BP1s were firm to Rs 10 dearer. High and Medium PF1s were firm to a little dearer at the start of the sale, but eased towards the latter part, with a large volume remaining unsold. BP1s were Rs 5 to Rs 10 dearer.
Low Growns
Fair demand. Select Best OP1s declined Rs 5 to Rs 10, whilst the Best and the Below Best types were firm, poor varieties appreciated Rs 5 to Rs 10. Select Best BOP1s were irregularly lower by Rs 5 to Rs 10 whilst the Best and the Below Best types gained Rs 15 to Rs 20 and more at times. Select Best OP/OPAs were firm to dearer Rs 3 to Rs 5 following quality, whilst the Best and the Below Best types met with fair demand, poorer sorts appreciated Rs 5 to Rs 10 on average. Select Best Pekoe/Pekoe1s shed Rs 5 to Rs 10, whilst the Best and the Below Best types were irregularly lower by Rs 3 to Rs 5 and more at times.
Poorer sorts in all categories continue to attract good prices.
Select Best BOP SP were firm to Rs 5 to Rs 10 dearer at times, Best types were firm, Below Best types met with irregular demand and eased Rs 5 to Rs 10, poorer sorts were firm. Select Best BOPs moved up Rs 10, Best types were firm, Below Best and plainer sorts eased Rs 5 to Rs 10.
Select Best FBOPs maintained last levels, Best and Below Best types eased Rs 10 to Rs 15, Below Best types too were lower by a similar margin. Select Best FBOPF1s were firm, Best and Below Best types eased Rs 10 to Rs 15, poorer sorts shed Rs 5 to Rs 10. Select Best Tippy varieties maintained last levels, Best and Below Best sorts declined on last levels, poorer sorts too were lower by Rs 5 to Rs 10.
Off Grades
Select Best liquoring Fngs1s were lower by Rs 5 whilst the Best and the Below Best depreciated Rs 10 to Rs 15, poorer sorts eased by Rs 5. All BPs were irregularly dearer by Rs 5. Select Best and Best BMs sold at firm levels, Best and Below Best types appreciated Rs 5 to Rs 10, poorer sorts were dearer by Rs 5. All Low Grown Fngs appreciated by Rs 10. Select Best BOP1As were to dearer by Rs 5, whilst the Best and Below Best were firm on last levels, however poorer sorts were irregularly dearer by Rs 5 to Rs 10.
Dust
Select Best Dust1s were firm, others in the Best and Below Best category gained Rs 10 to Rs 15, whist the balance gained to a lesser extend.
All secondaries advanced Rs 10 to Rs 20. Best Low Grown Dust/Dust1s were firm, Below Best types were irregularly lower, whilst the poorer sorts declined Rs 15 to Rs 20.
source - www.dailynews.lk
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