Another tea eAuction concludes with 5 m kg cleared

Saturday, 25 April 2020 00:58 - - {{hitsCtrl.values.hits}}

The tea industry yesterday concluded yet another eAuction, clearing a further 5.2 million kg.

Forbes and Walker Tea Brokers said the sale No. 15, which was originally scheduled for 21 and 22 April was rescheduled for Thursday, on account of the lockdown due to COVID-19, and concluded yesterday.

“Overall auction quantities totalled 5.2 m/kgs, comprising 9,500 lots of tea. Consequent to the advancement/refinements made to the e-platform, the auction duration was reduced although the percentage of unsold teas has shown an increase, which perhaps resulted from the limited time availability for the conclusion of bidding per lot,” Forbes and Walker Tea Brokers said.

It said ex-estate offerings totalled 0.7 m/kgs. Overall, quality was reasonably maintained. There was fair demand although at slightly easier levels to last. The Select Best BOP/BOPFs were often easier following quality, whilst prices for teas in the other categories tend to fluctuate due to the increased availability combined with the demand factor based on the urgency of shipments.

Low Growns continued to maintain the momentum, although a slightly easier tendency was recorded, particularly for the poorer teas, Forbes added.

Last week the COVID-19 pandemic and technology propelled the tea industry to conclude two auctions within days with nearly 7 kg coming under the electronic hammer.

The 14th sale of the year concluded last Sunday (19 April) after the 13th sale ended on 18 April in the morning. The first sale saw 4 million kg coming under the hammer. Around 7,427 lots were sold over a period of two days with an approximate average auctioning speed of two lots per minute.

On 19 April, the 14th sale offering 2.9 million kg was concluded after it began on 18 April. Around 5,273 lots were sold.

The first-ever eAuction was held on 4 April with the Colombo Tea Traders Association and the Colombo Tea Brokers Association in partnership with technology platform provider CICRA Solutions, creating history.