Sri Lanka low grown teas ease, some high growns up
ECONOMYNEXT – Sri Lanka’s Low Growns, the most expensive teas produced by the island eased at the last auction in August while the cheaper High Growns showed extended gains from last week, brokers said.
August prices have been slightly higher than July, averaged data shows. Gold and commodity prices have edged up amid US money printing as the dollar weakened despite weak overall demand.
Sri Lanka sold 6.2 million kilograms of tea, selling 0.86 million kilograms in Ex-Estate teas (teas sold while in the factory itself to retain quality) while selling 2.7 million kilograms in Low Grown (Leafy/Tippy) teas.
Sri Lanka sold 6.95 million kilograms of tea in the auction held in the previous week.
Last week the Low Grown tea sale average was 670.15 rupees up by 8.1 rupees from a week earlier.
BOPF eased in general.
Select Best and Best BOP’s declined. Few cleaner Below Best and cleaner teas at the bottom maintained last week’s prices while all others eased.
Better OP’s were fully firm to gaining, others were irregular and often lower. At the lower end, prices were generally firm.
Select Best OPA’s together with improved Below Best were generally firm. Others were not steady. At the lower end, cleaner types maintained prices while others eased.
Select Best FBOPs declined, whilst others eased marginally.
Best FF1’s declined. Few cleaner Below Best and few teas at the bottom were firm.
Last week, the High Grown auction average was tea sale average of 541.01 rupees.
In BOP grades, select high priced Best Westerns of last week went down 20 rupees a kilogram while the other sorts went up 10-20 rupees following special inquiry.
Lower end BOP tea prices were not steady and at times, eased.
BOP Nuwara Eliya’s and Uda Pussellawa’s sold around last week’s auction prices. A few select BOP Uva seasonal teas made gains.
In BOPF grades, select teas were up by 20 rupees a kilogram while Below bests too gained by 20 rupees.
BOPF grade Nuwara Eliya’s were so no offerings. Uda Pussellawa prices fluctuated owing to quality issues while a few select, seasonal Uva tea prices went up.
Last week, the Medium Grown auction average was 547.75 rupees up 10.56 rupees from a week before.
Well-made OP/OPA prices were firm while others were eased marginally. Teas at the lower end went from firm to making marginal gains.
BOP prices were irregular while BOPF grades went up by 20 rupees, tea brokers said.
Select Best FBOPs were selectively gaining, while other prices picked up slightly.
Well made FF1’s declined. Others too were gaining 10-20 rupees per kilogram and more at times.
In CTC teas, high grown BP1s declined 20 rupees a kilogram while PF1s were generally firm.
Mid grown BP1 prices were irregular while PF1 teas made selective gains, brokers said.
Low grown BP1s were around last week’s levels, PF1s were firm and made gains as the sale progressed.
Crop and weather
The Department of Meteorology predicts light showers in the week ahead for Western regions. Clear weather was reported in the Uva and Udapussellawa regions.
The Western and Nuwara Eliya regions reported bright weather with showers experienced during the latter part of the week.
Bright weather was reported in the Uva and Udapussellawa regions at the beginning of the week, whilst rainy weather was reported towards the end of the week.
The Department of Meteorology predicts showers/thundershowers during the week ahead. Clear weather was reported throughout the week. Light showers are forecast in the Ruhuna and
Sabaragamuwa regions in the week ahead.
All regions experienced a decrease in crop intake. (SB-Colombo/Aug31/2020)