Sri Lanka tea prices at new high in 2016

ECONOMYNEXT – Sri Lankan tea prices hit a new high in 2016 at the Colombo auctions with most of the gains coming towards the year end as bad weather reduced crops, brokers said.

Forbes & Walker Tea Brokers said auction average prices of teas in the high and mid-grown elevations rose to their highest level although low growns which make up the bulk of the crop, did not fare that well.

Auction averages for the January – December 2016 period totalled  Rs468.61 a kilo, the highest average for a calendar year with  the previous best being Rs461.86 achieved  in 2014,

Last year’s highs also reflects a gain of  Rs66.30 over the average of Rs402.31 a kilo in the January –December 2015 period.

“Another noteworthy feature  is that High and Mid Growns too have recorded the highest ever averages for a calendar year,” Forbes & Walker Tea Brokers said.

The High Grown tea average annual price was Rs449.85 in 2016, improving on the previous best of Rs420.36 realized during January-December 2014, and showing a gain of  Rs61.47  vis–a-vis  Rs388.38 of January – December 2015. 

The Medium Grown average price was Rs419.59 in 2016 with the previous best being  Rs410.06 recorded in 2014, and showing a gain of Rs57.02  vis-à-vis the average price of Rs362.57 of January-December 2015.

The average price of Low Growns was Rs486.74 for January-December 2016, a gain Rs70.42 over the average of Rs416.32 in 2015.

However, the 2016 tea prices in US dollar terms were below the highs of 2014 although showing a significant  gain  compared  to 2015 averages, the brokers said.

The Sri Lankan rupee fell 3.9 percent in 2016.
(COLOMBO, Jan 14, 2016)

Advertisement

 

 

 

Latest Comments

Your email address will not be published. Required fields are marked *