Tea auction quantities marginally higher

Friday, 10 May 2013 00:01 - - {{hitsCtrl.values.hits}}

This week’s tea auction quantities were marginally higher to last and totalled 7.6M/kgs. Low growns continued to meet with good demand, whilst the high and mid grown small leaf teas met with less demand and more often at price levels lower to last.

This week’s ex-estate offerings totalled 1.6M/kgs recording an increase over the previous week’s offerings of 1.4M/kgs. There was less demand and most teas on offer declined in value. The quality of teas on offer was irregular and barely maintained.

Better Western BOP/BOPFs declined Rs. 15-20 and more following quality – all other BOP/BOPFs which at the commenced of the sale sold around last week’s closing levels, declined by an average Rs. 5-10 per kg towards the close.

Nuwara-Eliya BOP/BOPFs which sold at fairly attractive levels over the past several weeks declined by Rs. 10-20 per kg whilst the corresponding leafy teas declined in value quite sharply. CTC teas particularly the PF1 grade met with limited demand and consequently declined Rs. 10-20 with a fair percentage remaining unsold.

There was less interest from shippers to the UK, Japan and Continent whilst there was fair activity from Shippers to the CIS at lower levels to last week.

Low grown totalled 3.1M/kgs in the leafy/tippy catalogues this week. There was good demand. In the tippy catalogue, FBOP/FF1s gained Rs. 5-10 per kg and more towards the close. Well made tippy invoices too gained and were at times substantially dearer. At the lower end too there was better demand this week, particularly for the cleaner types, resulting in prices gaining Rs. 10-15 per kg and more.

In the leafy catalogue too PEKs were fully firm to dearer. OP1/OP1 were generally firm to selectively dearer, although a few high priced BOP1s were irregular. Better made OP/OPAs too declined Rs. 5-10 per kg, but there was better demand at the lower end with prices being fully firm to dearer. There was good demand from CIS, Turkey, Iraq Kuwait and Dubai.

(Forbes & Walker Tea Brokers)