Tea auctions this week

Thursday, 12 May 2016 00:00 - - {{hitsCtrl.values.hits}}

tea-plant

By John Keells Plc

Good cropping weather conditions are being experienced in most planting districts. It is reported that crop intakes have reached optimum levels. If this trend were to continue we should achieve a good crop harvest, in the months of May and June.

The prices for yesterday’s 1.0 Mkgs of Ex-Estate teas that came under the hammer met with fair demand at lower levels. A market correction, following the buoyant auctions after the Sinhala and Tamil New Year holidays was evident.

However, a few Western High Grown BOP/BOPF invoices where quality was maintained sold well with buyers competing strongly against the limited availability of such teas. The below best and plainer Western BOPs were mostly easier, whilst the BOPFs too shed, but to a lesser extent.

Nuwara Eliya BOP/BOPFs were irregularly lower with a few selected invoices appreciating on special inquiry. A few coloury well-made UVA BOP/BOPFs maintained, with most others declined. The select best Low Grown PF1s/BP1s were firm on last levels. High and Medium grown PF1s declined, whilst the BP1s too met with less demand with a few invoices remaining unsold.

There was reasonably good demand for the 2.3 Mkgs of Low Growns that were on offer.

Better BOP1s advanced Rs.10 to Rs.15, whilst the best OP1s shed Rs.10 to Rs.20. OPs maintained last levels, whilst the OPAs moved up Rs.5 to Rs.10. Pekoe/Pekoe1s also gained by Rs. 5 to Rs.10. In the Small leaf category, BOP/BOP.SPs maintained last levels. Select best FBOPs sold well, however were slightly easier to last. FBOPF1s moved up by Rs.5 to Rs.10. The premium flowery varieties maintained last levels.

There was good demand from the shippers to the C.I.S. Iran, Iraq Kuwait, Dubai and Saudi Arabia.