In the remaining stages of bull market there will be demand for food and hot beverages stocks as well. There will be more demands for defensive stocks in the second half of the current bull market especially in the final stage and thereafter. http://www.tea.keells.lk/marketreport.htm COMMENTS
An accord on Iran’s nuclear development has reportedly been reached at talks in Vienna. “We sealed a deal,” an Iranian diplomat declared, as negotiators from six world powers prepared for a final meeting early this week. The historic agreement will see Tehran reduce its nuclear centrifuges and submit to U.N. inspections in return for a gradual lifting of Western sanctions. But first the deal must be approved as it will face stiff opposition in the U.S. Congress. This is certainly good news for the uneasy Sri Lankan Tea Industry. The lifting of sanctions should once again allow free trade between Iran and Sri Lanka.
Ex-Estate offerings totaled a 1.2 M/Kgs. High and Medium Grown teas witnessed a buoyant market with the BOPF grade appreciating in value for yet another week. Overall quality of teas on offer showed no significant change. However, there was better demand and prices often appreciated in most instances. Best Western BOP’s were irregular, whilst the corresponding BOPF’s gained following quality. In the below best category a selection of clean leaf coloury BOP’s gained, whist the others together with the plainer sorts were mostly sold around last week’s levels. Corresponding BOPF’s appreciated particularly for the clean leaf types. Nuwara Eliya BOP/BOPF’s remained unsold, except for a few brighter invoices. The Uva/Udapussellawa BOP/BOPF’s gained. High and Medium Grown CTC teas witnessed a firm to dearer trend. Low Grown BP1s declined whilst the corresponding PF1s gained substantially. The limited selection of liquoring leafy teas met with poor demand.
The 3.5 Mkgs of Low Growns that were on offer this week, met with less demand, particularly for the leafy varieties. In the Leafy category, bold Pekoes declined Rs.10/- to Rs.20/-, whilst the OPAs too met with a lower market. Select best BOP1/OP1s were mainly firm, but others declined. In the Small category, there was improved demand for the better FBOP/FBOPF1s with prices moving up a few rupees, however, the below best and poorer sorts eased. Tippy varieties too declined, at times sharply.There was less interest from the Middle East, whilst Russian buyers were fairly active.
Select best BOPs advanced Rs.10/-, other good invoices were irregular, below best sorts were firm, plainer varieties were firm to easier. Select best BOPFs advanced Rs.30/- to Rs.40/-, other good invoices gained Rs.20/-, below best and plainer sorts advanced Rs.10/- to Rs.20/- on average. Medium BOPs advanced Rs.10/- to Rs.20/-. BOPFs gained Rs.20/- to Rs.30/-.
Nuwera Eliya Teas
A few bright BOPs advanced following quality, most others remained unsold. BOPFs were easier.
Coloury BOPs were firm, others declined Rs.20/-. BOPFs advanced Rs.20/- to Rs.30/- on average. Uda Pussellawa BOPs were irregular. BOPFs advanced Rs.20/- to Rs.30/-.
Low Grown CTC PF1s advanced Rs.40/- to Rs.50/- and more as the sale progressed. BP1s were firm. High & Medium PF1s advanced Rs.20/-. BP1s gained Rs.10/- to Rs.20/-
Fair demand at lower levels. Select best OP1s shed Rs.10/- on average, whilst balanced too tended lower by Rs.10/- to Rs.15/-. Select best BOP1s were steady, best types gained Rs.5/- to Rs.10/-, below best and poorer sorts were mainly firm. Select best OPs declined Rs.20/- to Rs.30/-, best types too tended lower by Rs.10/- to Rs.15/-, below best and poorer sorts were irregularly lower. Select best along with best OPAs maintained last levels, below best and poorer sorts were firm. Select best Pekoe/Pekoe1s shed Rs.10/- to Rs.20/-, best types too tended lower by a similar margin, below best and poorer sorts were irregularly lower by Rs.10/- to Rs.15/-. Irregular demand. Select best and best BOPs were firm, below best and poorer sorts however were irregular to last. Select best BOPSPs maintained last levels however best types, below best and poorer sorts shed Rs.10/- on last levels. Select best and best FBOPs maintained, however below best and bolder types were lower by Rs.10/- to Rs.20/-, whilst poorer types eased by a similar margin. Select best FBOPF1s were firm, best and below best types eased Rs.10/- to Rs.15/- , poorer sorts too were lower by Rs.10/- to Rs.20/-Select best and best Tippy varieties declined several Rupees to last, whilst at times remained difficult of sale due to less demand, below best and poorer types too eased on last levels.
Select best liquoring Fngs1s held firm, best and below best types appreciated Rs.10/- to Rs.15/-. Select best BMs sold at last levels, best, below best and poorer sorts declined Rs.10/- to Rs.15/- All BPs were firm.Select best and best BOP1As declined Rs.10/- to Rs.20/-, whilst poorer sorts were firm.
Select best Dust1s were firm to last, however best and below best Dust1s met with lower demand with a decline Rs.10/- to Rs.15/- compared to previous week. Low Grown PDusts further depreciated Rs.20/- to Rs.40/-, whilst the balance were irregular in the range of Rs.15/- to Rs.20/-. Best Low Grown Dust/Dust1s were dearer to last by Rs.5/- to Rs.10/-, whilst below best types declined by Rs.10/- to Rs.15/-.