Sri Lankan tea prices rise further
ECONOMYNEXT – Prices of most Sri Lankan teas rose again at this week’s Colombo auction where quantities came down further with brokers saying volumes would decline even more in forthcoming sales.
Forbes & Walker Tea Brokers said there was “excellent demand” for Low Grown teas, which make up the bulk of the crop, with volumes slightly lower than the preceding sale.
Different types of teas gained Rs10-15 a kilo with good demand from shippers to Russia and other former Soviet Union states, Turkey, Dubai, Iraq, Kuwait and Saudi Arabia this week.
Prices of most teas grown on estates on the western side of the central hills also rose, with Best Western BOP’s gaining Rs10-20 a kilo. Teas from the Nuwara Eliya area fell in price while those from the Uva region gained Rs20-40 a kilo.
The overall auction quantity declined further this week and totalled a 5.0 million kilo, the brokers said.
In the forthcoming sales, quantities will decline further to 4.6 million kilos and 4.4 million kilos.
(COLOMBO, Oct 20, 2016)