ECONOMYNEXT – Sri Lanka’s High Grown and Mid Grown tea prices gain at an auction on March 14 with the rapid rupee strengthening slowing down last week, brokers said.
Prices of all Medium Growns, however fell this week.
Total auction volume was 5.1 million kilograms and there was good general demand, Ceylon Tea brokers said in a report.
“There was improved demand particularly as the sale progressed,” Forbes and Walker said.
“Perhaps a correction in the parity rate between the Sri Lanka Rupee/US Dollar would no doubt have helped in the overall strengthening of tea prices this week”.
The High Grown sale average was 1,275.12 last week, Ceylon Tea Brokers said.
BP 1 was up by 20 rupees.
BOP and PF1 were up by 50 rupees while BOPF was up by 100 rupees per kilogram.
“Ex-Estate offerings comprised of 0.74 M/Kgs,” Forbes and Walker said
“Here again, improved demand and particularly a stronger tone at the lower end of the market. ”
In BOPF category Hardly any offerings from Nuwara Eliya’s. Uda Pussellawa’s was up by 50 rupees per kilo whilst Uva’s gained by 100 rupees per kilo.
In Low Grown Teas, PEK and OP/OPA were up by 40 and 50 rupees respectively.
BOP 1 and OP1 were firm.
The Low Growns sale average was 1296.98 rupees last week.
Low Growns comprised of 2.1 million kilograms.
“At the commencement a bearish undertone prevailed and an improvement was witnessed all-round as the sale progressed,” Forbes and Walker said.
In the Leafy and Semi Leafy catalogues, select Best OP1/BOP1’s were down, whilst the balance were firm towards the close.
The teas at the bottom were irregular and mostly down.
Medium Grown FBOP was down by 100 rupees while PEK 1 was down by 50 rupees FBOPF1 was down by 150 rupees.
OP1 was up by 100 rupees.
The Medium Growns sale average was 1,109.89 rupees last week.
BOP1 was down by 100 rupees per kilo whilst the best lower by 50 rupees per kilo.
In PEK, select best grew by 100 rupees per kilo whilst best gained by 50 rupees per kilo. (Colombo/Mar 19/2023)