Sri Lanka tea prices hit new high in March
ECONOMYNEXT – Sri Lankan tea prices continued their rise in March this year with the Colombo auction average for the month the highest ever, brokers said.
Forbes & Walker Tea Brokers said the March 2017 monthly average at Rs638.76 a kilo was Rs 226.74 or more than 50% higher than a year ago.
It was the highest average for a calendar month, the brokers said in a report.
“It is also relevant to note that this records a gain of Rs.41.91 over the previous best of Rs.596.85 achieved in February 2017.”
The March 2017 monthly auction average price for high grown teas, of Rs.634.84 was up Rs.212.22 compared with March 2016.
“This too is the highest High Grown average on record improving on the previous best of Rs.619.55 realized in January 2017,” Forbes & Walker Tea Brokers said.
The medium grown tea monthly average surpassed the Rs.600 a kilo mark for the first time and totalled Rs.602.40 during March 2017, a gain of Rs.219.17 compared with March 2016,
It was also the highest for that elevation improving on the previous best of Rs.551.35 a kilo realized in February 2017.
The March monthly action average for low grown teas, which make up the bulk of crop, was also the highest on record, the brokers said.
“The low growns totalling Rs.648.50 have show a gain of Rs.233.46 vis-à-vis Rs.415.04 of March 2016, the highest on record improving on the previous best of Rs.603.94 achieved in February 2017.”
The brokers said the March 2017 auction average price levels show a significant gain in US dollar terms too when compared to the corresponding month of 2016.
(COLOMBO, April 7, 2017)