Colombo Tea Auction sees highest offering since Jan. this week

13 May 2023 04:25 am Views - 726

The Colombo Tea Auction this week saw the highest offering since January this year, which was met with fair demand, at firm to easier rates.

Coming under the hammer in the 18th sale on May 10 of the year were 6.2 MnKgs, which was the highest on offer since the fourth sale of 24, where 6.7 MnKgs were on offer. 

The Ex-Estate offerings increased to 0.95 MnKgs and here again, an increased volume in offerings since Sale No. 21 of May 31 /June 1, 2022 (0.99 MnKgs). 

However, the overall quality was lower to last, with a greater majority of offerings comprising of fair average quality teas, Forbes and Walker Tea Brokers said in its latest tea auction report. 

The better Western BOP/BOPFs continued to sell reasonably well around last week’s levels, whilst the other BOP/BOPFs declined Rs.50 per kg and Rs.50-100 per kg, respectively, in most instances, with the market weakening to some extent as the sale progressed. 

The High and Medium Grown CTC teas – BP1s were irregular, whilst the PF1s declined Rs.100 per kg, particularly for the teas in the higher price bracket. The corresponding Low Grown BP1s continued to sell well around last week’s levels, whilst the PF1s declined Rs.50-100 per kg. 

There was widespread demand, particularly from the shippers to the CIS, followed by Japan and South Africa. 

The Low Growns comprised of 2.5 MnKgs. The Leafy, Semi Leafy and Tippy catalogues met with lower demand. There was better demand from the shippers to the Russian continent, whilst Turkey, Syria and Iran were very selective.

In the Leafy and Semi Leafy catalogues, the OP1s in general were firm. However, the BOP1s in general declined. The well-made OP/OPAs together with the Below Best were easier. The teas at the bottom maintained. A selection of Select Best PEK/PEK1s was firm, whilst the balance declined.

In the Tippy catalogues, the select Best FBOPs were irregularly easier, whilst the Best, Below Best and cleaner teas at the bottom were firm to dearer. The balance was easier following quality. The FF1s, in general, were easier.

In the Premium catalogues, a selection of high-priced leafier varieties were firm, whilst the balance declined substantially and were mostly unsellable, due to a lack of sufficient bids.