Forbes and Walker Tea Brokers said yesterday that the new year’s first-ever tea auctions had a good start.
“The first sale of the year had on offer a total volume of 7.3 m/kgs. There was good demand, with most teas realising a firm to dearer trend in prices,” Forbes and Walker said.
Ex-Estate offerings totalled 1.4 m/kgs - quality of offerings from the Western and Nuwara Eliya Districts showed a few improved invoices, whilst teas from the other growing regions showed no significant change.
Once again, there was good demand, particularly for the BOPFs, an encouraging sale that augurs well for prices at the forthcoming sales. Prices for High and Mid Growns CTC teas, although they continued to sell well, witnessed a drop from the previous week’s levels, whilst Low Growns witnessed strong demand and consequently a dearer market. The limited availability of liquoring leafy teas was absorbed at attractive levels.
“There was fair demand from shippers to CIS, Japan, and possibly Pakistan, whilst the UK and Continent appeared selective,” the broking firm added.
It also said the Low Growns comprised of approximately 3.3 m/kgs in the Tippy/Leafy catalogue this week. There was good general demand. In the Tippy catalogue, better FBOP/FBOPF1s, together with cleaner secondaries, were fully firm to selectively dearer. At the lower end too, the cleaner types were fully firm to dearer.
A select range of Tippy invoices too were fully firm. With others, particularly where leaf type was not maintained, prices were marginally lower. In the Leafy catalogue PEK/PEK1s were generally firm. Better OP1s together with BOP1s too were fully firm. Others were easier following quality. High priced OP/OPAs too were barely steady. However, cleaner teas at the lower end were firm. Balance declined marginally.
“Shippers to Dubai, Turkey, CIS, and Kuwait, together with Saudi Arabia, were active,” Forbes and Walker added.