Tea auction this week

Friday, 15 February 2013 00:01 - - {{hitsCtrl.values.hits}}

Auction number seven which was concluded had on offer 7M/kgs. There was good general demand. Low Growns were mostly dearer all around whilst, High and Mid Grown teas witnessed a bearish trend. This week’s Ex-Estate offerings comprised 1.2M/kgs.

The overall quality on offer from the Western/Nuwara Eliya planting districts were generally preferable and improved on last – whilst, teas from the Uva/Udapussellawa regions showed no significant change. In the backdrop of a general improvement in quality for teas from the Western planting districts, prices realised for these teas were disappointing, except for select invoices that appreciated following airmail enquiry. The BOPFs still continue to command a premium over their corresponding BOP invoices in most instances, although the parity would have narrowed following this week’s improvement in the BOP prices, particularly at the lower end. The limited availability of CTC BP1’s witnessed a fairly significant appreciation in prices whilst the corresponding PF1’s continued to weaken further and declined by Rs. 10-20 per kg.

Once again, limited availability for liquoring leaf teas continued to record attractive prices with an invoice of FBOP from Pedro Estate which sold under the Mahagastotte Selling Mark registering an all time record price of Rs. 1,150 the line was purchased by M/S Unitrade Ltd.

Low Growns comprised of approximately 3.4M/kgs in the Leafy/Tippy catalogue this week. There was good demand all around. In the Tippy catalogue, select best FBOP/FF1s, together with the cleaner secondaries were fully firm to dearer. At the lower end too there was good demand, particularly for the cleaner types, resulting in prices gaining Rs. 5-10 per kg and more.

A fair cross section of well made Tippy invoices too attracted better demand and were mostly dearer to previous. In the Leafy catalogue BOP1/OP1s were fully firm to dearer, particularly for the select best category. OP/OPAs too were firm, here again a range of better made teas were selectively dearer, whilst PEKs too mostly sold around last levels. Shippers to CIS, Turkey, Dubai, Kuwait and Saudi Arabia, together with Iraq were active this week.(Forbes & Walker Tea Brokers)