Hesitant buying at tea auctions this week

The 19th sale of the year which was concluded was a one day restricted sale. A total of 5.4 m/kgs came under the hammer of which Ex-estate offerings comprised of 0.96 m/kgs. Overall, an easier trend.

Ex-estate offerings met with less demand. Better teas lost Rs. 10-20 per kg and more whilst the others eased by Rs. 5-10 per kg on average. However, an encouraging feature would be the strength at the lower end of market.

Nuwara Eliyas in the ‘higher price’ bracket continued to weaken further following quality. Liquoring leafy teas met with much less demand with many invoices remaining unsold due to a lack of suitable bids. CTC varieties witnessed a firm trend in prices.

Low growns comprised of a small volume of 2.4 m/kgs in the Leafy/Tippy catalogues.  In the Leafy catalogues select best Pekoe/Pekoe1s sold at firm to dearer rates whilst the others were easier. BOP1s/OP1s were generally easier to last. Select Best OP/OPAs too were firm whilst the others declined Rs.5-10 per kg.

Amidst this lower trend, select stylish FBOPF/FF1Sp and Extra Specials sold well around the last week’s levels whilst the others witnessed a lower trend. At the lower end too prices were easier to previous. Once again, the hesitant buying in view of the uncertain conditions in the Middle Eastern region continued to place downward pressure on prices.

(Source: Forbes and Walker Tea Brokers)