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National average tea prices in June totalled Rs. 494.48 and were the lowest since August 2016, Forbes and Walker Tea Brokers said yesterday.
The prices in June were lower by Rs. 45.07 vis-à-vis Rs. 539.55 of May 2019, whilst in comparison to June 2018 average of Rs. 543.85, shows a decrease of Rs. 49.37.
It is relevant to note that the June 2019 national average of Rs. 494.48 is the lowest since August 2016, which recorded Rs. 473.78, Forbes and Walker said in their latest tea report.
When analysing the respective elevational averages for the month of June 2019; High Growns, totalling Rs. 458.55 for June 2019, have recorded a decrease of Rs. 46.20 vis-à-vis Rs. 504.75 of May 2019. When compared to June 2018, a decrease of Rs. 36.49 is recorded YOY. Mediums, averaging Rs. 430.74 for June 2019, have recorded a decrease of Rs. 42.39 vis-à-vis Rs. 473.13 of May 2019. However, against June 2018 which recorded Rs. 481.44, shows a sharp decrease of Rs. 50.07. Meanwhile, Low Growns totalling Rs. 526.52 for June 2019, have recorded a decrease of Rs. 43.18 vis-à-vis Rs. 569.70 of May 2019. When compared to Rs. 580.30 of June 2018, shows a substantial decrease of Rs. 53.78 YOY.
When analysing the January-June 2019 cumulative average of Rs. 561.44, a decrease of Rs. 42.38 is recorded vis-à-vis Rs. 603.52 of January-June 2018.
High Growns for the period January-June 2019 of Rs. 534.54 have shown a decrease of Rs. 40.90 vis-à-vis Rs. 575.44 of January-June 2018. Mediums too, averaging Rs. 490.37, have shown a decrease of Rs. 52.73 vis-à-vis Rs. 543.10 of January-June 2018. Meanwhile, Low Growns totalling Rs. 588.98 for January-June 2019 have shown a decline of Rs. 39.19 vis-à-vis Rs. 628.17 of January-June 2018. Both, the month and cumulative averages show a greater decrease in USD terms compared to the corresponding period of 2018 due to the devaluation of the Sri Lankan Rupee YOY.
Meanwhile a total of 7.5 M/kgs came under the hammer this week. There was good demand and consequently, a general appreciation in prices for most teas on offer. A sigh of relief after a prolonged period of depressed prices.
Ex-Estate offerings comprised of 1.1 M/kgs. There was improved demand, particularly for a selection of better teas that appreciated quite substantially in value.
Best Western BOP’s gained Rs. 20-30 per kg and more following special inquiry, whilst the corresponding BOPF gained Rs. 20 per kg and substantially more for select coloury invoices. Others were irregular. In the Below Best category, select BOP invoices gained Rs. 20-30 per kg and more, whilst the others appreciated Rs. 10-20 per kg. Corresponding BOPF gained Rs. 10-20 per kg in most instances. Plainer clean leaf BOP’s were generally firm, whilst the corresponding BOPF gained Rs. 10 per kg on average. Poor leaf teas continued to be difficult of sale. Nuwara Eliyas met with limited interest. Udapussellawa - BOP’s difficult of sale following quality, whilst the corresponding BOPF - clean leaf invoices gained Rs. 10-20 per kg, whilst the others sold around last week’s levels. Uva - BOP’s gained Rs. 10-20 per kg. BOPF select invoices gained Rs. 30-40 per kg. Others firm and dearer to a lesser extent. CTC teas firm and Rs. 10-20 per kg dearer for most teas on offer, whilst select High & Mid Grown BP1’s gained substantially following special inquiry.
Low Growns comprised of 3.1 M/kgs in the Leafy/Tippy catalogues. There was good demand, particularly for the well-made teas. In the Leafy catalogue, better OP1/BOP1’s were fully firm to dearer, with the select best at times gaining sharply. Others were irregular and lower following quality. Better OP/OPA’s too were fully firm to dearer, whilst teas at the lower end were irregular and lower, particularly for the stalky types. Better PEK1’s were fully firm to dearer, whilst a selection of well-made bold PEK’s were fully firm. All others were lower. In the Tippy catalogue, better FBOP/FF1’s gained Rs. 10-20, whilst the cleaner secondaries too were often dearer by a similar margin. At the lower end cleaner types were fully firm to dearer. Others were easier following quality. In the Premium catalogue, there was excellent demand and prices were fully firm to dearer. Shippers to CIS, Dubai, Saudi Arabia and Turkey were active at this week’s sale.
