Sri Lanka tea prices hit new high in February

ECONOMYNEXT – Sri Lankan tea prices hit a new high in February 2017, with the monthly auction average almost 50% higher than a year ago and slightly better than the record price achieved the month before, brokers said.

“The Sri Lankan national average stood at Rs596.85 per kilo for the month of February 2017, significantly higher [by 47%] than the Rs403.87 achieved during the same month in 2016,” brokers John Keells Ltd. said.

“The sale averages achieved in the second month of 2017 is the highest-ever recorded, marginally bettering the previous best recorded in January.”

Forbes & Walker Tea Brokers (Pvt) Ltd. said Colombo auction prices were higher in US dollar terms, as well with teas from the low-grown and medium elevations also hitting new highs.

The average price for medium elevation grown teas rose to Rs551.35 for February 2017, improving on the previous best of Rs549.14 achieved in January 2017 and reflecting a gain of Rs172.11 from February 2016, the brokers said.

The low-grown tea average price of Rs603.94 was an improvement on the previous best of Rs603.29 realized in November 2016, and reflects a gain of Rs200.91 from February 2016.

“It is also noteworthy that these levels are significantly higher in rupee and US dollar terms when compared to 2015 and 2014 price levels,” the brokers said.
(COLOMBO, March 11, 2017)

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