19 October 2024 02:01 am Views - 99
The bearish market sentiment continued for most teas on offer, perhaps a combination of the volatility in the currency and Middle Eastern markets.
The Ex-Estate offerings were fairly similar to last and totalled 0.8 million kilogrammes. There was less demand mostly at lower rates to last.
A selection of teas in the Best and Below Best categories were firm and dearer, following special inquiry, whilst the others declined by Rs.50 per kilogramme and more for the teas in the higher price bracket. At the lower end of the market, the BOPs were firm and marginally easier, whilst the corresponding BOPFs often sold at last week’s levels with price fluctuations often reflective of the qualitative variances.
The strength of the lower end of the market for the BOPF grade has often resulted in the price parity between the Below Best and Plainer varieties to have narrowed to a bare minimum. The Nuwara Eliyas were mostly unsold due to a lack of suitable bids. The teas from the Uda Pussellawa region sold around last week’s levels, realising the prices at the lower end of the market.
The Uva – a selection of clean leaf coloury BOP/BOPFs sold firm. The other BOPs were irregular and Rs.50 per kilogramme easier, whilst the corresponding BOPFs often declined by Rs.20 per kilogramme.
The High and Medium CTC teas – BP1s, sold reasonably well around last week’s levels. The PF1s – Clean leaf types, were firm and marginally easier, whilst the other fibery sorts declined at times quite sharply. In the Low Grown sector, the BP1s were sharply lower. The PF1s – A few select invoices, sold firm at the commencement of the sale, whilst the others declined by Rs 100 per kilogramme and more towards the close.
Much less activity from the shippers to the UK, the continent and South Africa was seen. Usual buying preference was evident from the shippers to Japan and China, whilst the shippers to the CIS continued to participate on a wider cross-section of the teas.
The Low Growns comprised of 2.2 million kilogrammes. The Leafy and Semi-Leafy categories met with fair demand, whilst the Tippy category met with less demand and a declining trend in prices. In the Leafy and Semi-Leafy catalogues, the well-made BOP1s were firm, whilst the balance declined substantially. The teas at the bottom together with the OP1s were firm. The well-made OP/OPAs followed a similar trend, whilst the balance declined. The PEKs in general were lower, whilst the teas at the bottom were firm. The Select Best PEK1s sold around last levels, whilst the balance was easier.
A few Select Best FBOPs were firm on last, whilst the balance declined. A selection of Best FF1s sold around last levels, whilst the balance declined substantially.
In the Premium catalogue, the high-priced Tippy teas were firm to easier, whilst the Best too followed a similar trend. The balance was firm on last, whilst the leafier varieties in general were lower.