Historic online tea auction progressing successfully

Saturday, 4 April 2020 16:11 -     - {{hitsCtrl.values.hits}}

  • Mercantile Produce Brokers handles first e-sale: Imperial Teas makes maiden online purchase

Sri Lanka’s first-ever online tea auction got off today at 11 a.m. and has been progressing successfully.

When the eAuction was halted for the lunch break, nearly 180 lots had been concluded.

The online route was taken in view of COVID-19 mitigation measures including curfew and strict social distancing. The first teas to be sold via the eAuction were handled by Mercantile Produce Brokers.

Akbar brothers and Imperial Teas two main tea exporters bidded against each other very competitively and finally was sold to Imperial Teas at Rs.2100/- per kilo. The Grade was a BOPF.

Mercantile Produce Brokers handled 18 lots, followed by John Keells Ltd., handling 160 lots.

The eAuction today will deal with Ex-Estate tea amounting to 720,000 kilos via 680 lots. High and Medium Grown teas sale will be held tomorrow. Over 300 buyers and all eight brokers have registered on the online platform developed by CICRA Solutions. The Sri Lanka Tea Board commended the Colombo Tea Traders Association and the Colombo Brokers Association for the historic move of holding the first-ever eAuction, thereby ensuring continuity of supply and demand and much-needed cash flow for the tea industry.