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Monday December 4th, 2023

Sri Lanka tea prices dip

ECONOMYNEXT- Sri Lanka tea prices fell in the second week of July with higher availability below best teas, while low growns continued to lead prices, brokers said.

Sri Lanka sold 7.1 million kilograms of tea in the auction of July 13 and 14, made up of 1.0 million kilograms in Ex-Estate teas (mainly high grown teas sold while in the factory itself to retain quality) and 3.0 million kilograms in Low Grown (Leafy/Tippy) teas.

Sri Lanka also sold 7.1million kilograms of tea in the auction held in the previous week.

Low Growns

Last week the Low Grown tea sale average was 622.33 rupees down by 85 cents from a week earlier.
BOPF teas maintained prices from last week.

This week BOP well made sorts and cleaner below bests maintained last week prices while the balanced eased following lower quality.

Select best were firm and then eased marginally as the sale progressed. Best teas maintained prices. Cleaner Below best and Bottom end varieties went up while the balance held firm FBOP1’s in general maintained steady prices.

High Growns

Last week, the High Grown auction average was tea sale average of 543.08 rupees.

This week in BOP teas, few very Best Westerns appreciated by 20-40 rupees a kilogram while the rest including the best were irregular.

Improved Below best varieties gained 10 rupees per kilogram while the balance together with the plainer sorts declined by a similar margin. Teas at the Bottom end were not steady.

BOP Nuwara Eliya’s eased following lower quality.

Better Udapussellawa’s gained 20 rupees per kilogram whereas the balance dipped 10-20 rupees a kilogram. Better Uva’s gaind substantially and the rest eased 20-30 rupees a kilogram.

In BOPF category, a few high priced Westerns barely maintained while the balance appreciated by 20-30 rupees a kilogram, brokers said.

Better Below best sorts gained 20 rupees per kilo and the rest of the prices were irregular. Plainer varieties declined by 10-20 rupees per kilo. BOPF Nuwara Eliya’s and Udapussellawa’s followed a similar trend to their BOP counterparts. Uva’s were irregular on lower quality.

Medium Growns

Last week, the Medium Grown auction average was 515.31rupees up 2.37 rupees from a week before.
This week well-made OP/OPA’s maintained last week’s prices while the balance gained. The bottom end teas gained by 10 rupees per kilogram.

BOPF better sorts were lower, brokers said.

Select Best FBOP’s eased while others gained by 10-20 rupees a kilogram. Select best FF1’s declined, the balance gained 10-20 rupees.


High grown BP1s were irregular while PF1 teas eased 20 rupees a kilogram.

Mid grown BP1s declined 10-20 rupees a kilogram while PF1s Followed a similar trend to their BP1 teas.
Low grown BPIs were firm and gained progressively, better PF1 teas gained 10 rupees while the rest were irregular.

Crop and weather

The department of meteorology forecasts showers in the Western region and strong winds in Nuwara Eliya area in the coming week

Heavy showers are to be expected in the Sabaragamuwa region for the coming week.

The Western and Nuwara Eliya regions reported bright mornings and evening showers.

The Western and Nuwara Eliya planting districts reported dull and showery conditions throughout the week

The Uva/Udapussellawa’s experienced sunny mornings with scattered evening showers. The Ruhuna region reported bright mornings with evening showers while the Sabaragamuwa district experienced dull and showery conditions.

All planting districts maintained the crop intakes as last week except for the Udapussellawa’s which reported a decline. (Colombo/July18/2021)

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Sri Lanka stocks close up as some investor interest returns

ECONOMYNEXT – The Colombo Stock Exchange closed up on Monday, CSE data showed.

The All Share Price Index was up 0.22 percent, or 23.33 points, at 10,743.59.

The S&P SL20 index was up 0.68 percent, or 20.60 points, at 3,067.73.

Turnover was at 708 million. The banks sector contributed 189 million, while the food, beverage and tobacco sector contributed 176 million of this.

Sri Lanka’s stock market has seen some investor interest return after last week’s news that the country had managed an agreement on a debt restructuring deal with an official creditor committee, and foreign funds for some development projects resumed.

Top positive contributors to the ASPI in the day were Sampath Bank Plc (up at 71.50), LOLC Holdings Plc (up at 379.00), and Commercial Bank of Ceylon Plc, (up at 90.90).

There was a net foreign outflow of 52 million.

Citrus Leisure Plc, which announced that its banquet hall and revolving restaurant at the Lotus Tower would launch on or around Dec 9, saw its share price rise to 6.20 rupees. (Colombo/Dec4/2023).

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Sri Lanka rupee closes broadly steady at 328.10/30 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 328.10/30 to the US dollar on Monday, from 328.00/10 on Friday, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.70/14.00 percent from 13.70/95 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.10 percent from 13.90/14.05 percent.

A bond maturing on 15.01.2027 closed at 14.00/14.10 percent from 14.05/10 percent.

A bond maturing on 01.07.2028 closed at 14.20/35 percent from 14.15/25 percent.

A bond maturing on 15.05.2030 closed at 14.25/45 percent, from 14.20/45 percent.

A bond maturing on 01.07.2032 closed at 14.05/40 percent, from 14.00/45 percent. (Colombo/Dec4/2023)

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Gov minister highlights abortion rights, sex-ed for children, and Sri Lanka men killing their women

ECONOMYNEXT – Sri Lanka’s legislators have politicized the topics of rape and violence without addressing the elephant in the room, Jeevan Thondaman, Minister of Water Supply and Estate Infrastructure Development said in parliament on Monday (4).

“All the members here are talking about rape. What happens after that? We must talk about abortion rights. That is not something anyone wants to touch on, and that is why we are in this place right now,” Thondaman said.

“Despite alarming statistics on rape and violence, women are often blamed and punished for it. The criminalisation of abortion is a major example of this.”

Sri Lanka has some of the most restrictive abortion laws in the world. According to a 2016 estimate by the Health Ministry, he said, approximately 658 abortions take place a day, and close to 250,000 a year.

“That’s 250,000 women whose lives you are endangering.”

He added that what was needed at this point in time was comprehensive sexual education (CSE) for children and young people.

“Only through CSE in schools will children and young people develop, accurate, age appropriate knowledge attitude and skills; positive values such as respect for human rights, gender equality, diversity and attitude and skills that contribute to a safe, healthy and positive relationship.”

Thondaman pointed out that CSE plays a pivotal role in preparing young people for a world where HIV, AIDS, sexually transmitted infections, unintended pregnancies, and sexual and gender based violence still pose a risk to their well-being.

“CSE basically empowers children take control and make informed decisions freely and responsibly.”

Thondaman also highlighted the findings of a 2021 study (Fatalities_20211109_UNFPA) by the UNFPA and the University of Kelaniya that showed that a majority of women killed in Sri Lanka were murdered by those close to them.

“62 percent of homicides of Sri Lankan women are committed by either an intimate partner, ex-partner or family member. 84 percent are killed in their own homes by someone they know.”

Police and the judiciary have failed Sri Lanka’s women, the minister pointed out.

“Only 5 percent of these cases, between 2013-2017, were ever concluded. Men claim they were provoked, or are of unsound mind or have mental illness: These have been successful defenses. And the Police often express sympathy to this narrative as opposed to the victim’s.”

“We have a history of protecting oppressors.”

It takes 7-10 years for a child rape case to conclude, he pointed out.

Establishment of child courts are needed, he said, as well as several legislative amendments. “The government is working on a new law to reform the domestic violence act, reform of marriage and divorce laws to ensure there is an easier path to divorce: no one should be forced to remain in a marriage that is either abusive or not healthy.” (Colombo/Dec4/2023)

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