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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Tea auction sees fair demand

Tea auction sees fair demand

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1Tea auction sees fair demand   Empty Tea auction sees fair demand Fri Nov 06, 2020 11:30 pm

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Tea auction sees fair demand  

November, 6, 2020


Tea auction sees fair demand   Tea1-2
Tea auctions this week saw fair demand and the overall auction quantity recorded an increase this week and totalled 5.9 M/Kgs, Forbes and Walker said in its latest report.
Ex-Estate offerings total around 0.75 M/Kgs in comparison to the 0.6 M/kgs on offer the previous week and demand was centred around teas at the lower end of the market, whilst teas in the higher price bracket continued to weaken, perhaps following lower quality, it said.
Consequently, select high priced BOP/BOPF's in the Best Western category declined Rs. 20-40 per kg, whilst the others were firm and lower to a lesser extent as buyers' followed quality closely.
Teas in the Below Best category were irregular and once again, tend to fluctuate following quality. Wide spread demand for teas at the lower end resulted in a firm trend in prices.
Nuwara Eliya - the very limited availability of BOP/BOPF's continued to realize premium prices.
Uda Pussellawas were firm and Rs. 10-20 per kg lower, particularly for the BOP's.
Uva - select high priced BOP's of last week were substantially easier, whilst the others declined by Rs. 20 per kg on average.
Corresponding BOPF's, where quality was maintained, continued to sell around last week's levels, whilst prices for the others fluctuated following quality.
CTC teas continued to meet with strong demand. Teas from the High and Medium Grown Regions sold at firm rates with price fluctuations reflective of quality.
Corresponding Low Grown BP1's met with less demand and were up to Rs 20 per kg lower, whilst the PF1's which commenced at firm rates eased off towards the close.
Low Growns totalled approximately 2.7 M/Kgs in the Leafy/Semi Leafy and Tippy catalogues. There was fair demand at lower levels.
Better OP1/BOP1's were mostly lower to last. A range of cleaner teas at the lower end, however, maintained last levels.OP/OPA's commenced Rs. 10-20 per kg lower to the preceding sale and declined further as the sale progressed. At the lower end, however, cleaner types maintained.
PEK/PEK1's too commenced Rs. 10-20 per kg lower and declined further towards the close. In the Tippy catalogues, better FBOP/FF1's were irregular, whilst the others, particularly the clean secondaries, maintained. At the lower end too, cleaner types maintained. In the Premium catalogues, prices were generally lower to last for most teas.

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