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Thursday, December 9, 2010

New all time high prices at tea auctions

This week’s tea auctions have enjoyed good demand with new price records established on select varieties.

“This week, an increased volume of 7.2 m/kgs came under the hammer. There was good demand at irregular rates,” Forbes and Walker Tea Brokers said.

Ex-estate offerings increased to a 1.1 m/kgs. Notwithstanding an overall decline in quality it was encouraging to witness fairly wide spread demand. Prices for BOPs declined Rs.10-20 per kg on the backdrop of last week’s steep increase in prices whilst BOPFs in general appreciated Rs.5-10 per kg. CTC varieties also witnessed a firm to dearer trend particularly as the sale progressed.

Liquoring leafy teas met with much better demand and recorded fairly substantial price increases following airmail inquiry.

The disappointing feature was the poor demand for Nuwara Eliya teas which lost out in value and at times were difficult to sell.

This week’s Low growns comprised of approximately 3.6 m/kgs in the Low grown Leafy/Tippy catalogues and “there was fair general demand,” Forbes and Walker said.
In the Tippy catalogues a fair cross section of FBOPs together with FF1s sold at irregularly dearer rates.
Well made neat leaf FBOPFSp too sold well and were often dearer than previously. At the lower end too cleaner types were fully firm to dearer. In the Leafy catalogues better BOP1s together with OP1s sold at dearer rates.

BOP1s experienced a bullish run with many invoices surpassing the previous All Time Record Price of Rs. 660 per kg and a new All Time Record Price of Rs.710 pe r kg being established for an invoice sold under the Sithaka selling mark. Pekoes were barely steady with the exception of a select few shotty types which were irregularly dearer. OP/OPAs were generally firm to last. A new All Time Record for the OPA grade was established this week with an invoice of S.L.S. tea factory realising a price of Rs.640 per kg vis-à-vis the previous all time record price of Rs.590 per kg for this grade.

“There was good demand from CIS, Iran, Dubai, Saudi Arabia, Turkey and Iraq,” Forbes and Walker added.

source - www.ft.lk