COLOMBO (EconomyNext) – Sri Lanka tea prices fell for fifth straight month at the Colombo auctions in May with low grown varieties dropping the most compared with last year, brokers said.
The auction average for the month of May 2015 fell 17 percent to 396.55 rupees a kilo from a year ago, with the average also down in US dollar terms, Forbes & Walker Brokers said.
Prices fell in all three elevations at which tea is grown. The industry has been hit by problems in key markets like Russia and the Middle East.
The High Grown average fell by 52.53 rupees to 364.58 rupees a kilo and Medium Growns fell by 65.68 rupees to 355.74 rupees.
Low Grown teass, which make up the bulk of the crop, fell the most – down by 93.93 rupees to 422.41 rupees a kilo in May 2015 from a year ago.