Sri Lankan teas moved from estates to avoid strike impact
ECONOMYNEXT – Sri Lankan tea brokers have moved teas from estates to minimise the impact of a strike by unions with the Colombo auctions seeing firm demand by buyers trying to meet their needs before shortages occur.
Tea estate unions have struck work to back demands to double their daily wage to 1,000 rupees, which regional plantations companies say they cannot afford given sliding tea prices.
Global tea trading company Van Rees said in a report there was good overall demand at the last auction.
Buyers displayed their intention to cover their reqirements in anticipation of a shortfall if the strike drags on.
Van Rees said brokers had moved out most of the made tea from estates to minimise the impact of the strike which had caused concern among exporters.
(COLOMBO, 12 December 2018)