Sri Lankan tea prices edge up but still below 2014 levels
ECONOMYNEXT – Sri Lankan tea prices improved in November from the previous month, with the highest gains in low grown varieties which make up the bulk of the crop, but are still below 2014 levels, brokers said.
“For the first time after two months the Low Grown average has surpassed the High Grown average.” Forbes & Walker Tea Brokers said in a report.
Tea prices have been in a prolonged slump along with other global commodity prices with many firms saying production costs exceed auction prices.
There was better demand at Colombo’s auctions this week with quantities lower, the brokers said.
The auction average for November 2015 rose 22.38 rupees a kilo to 412.51 compared with October 2015.
Average prices of high growns fell but low growns and medium grown teas gained in November from the previous month.
But prices of all three elevations remained below 2014 levels, the brokers said.
The November total auction average of 412.51 rupees a kilo was 25.21 rupees lower than that of November 2014,
(Colombo/December 04 2015)