Colombo Tea Auction prices undergo correction

Prices at the Colombo Tea Auction saw a correction this week after being buoyant over a period of over ten months, with the prices declining by Rs.20-30 per kg.

The correction was observed for most varieties of tea on offer notwithstanding the Sri Lankan rupee recording its lowest against the US dollar with the selling rate reaching Rs. 202.04 per dollar on Wednesday. The rupee fell further today, hitting Rs.202.10 against the dollar.   

The tea auction this week, the last for the first quarter saw a total of 6.5MnKgs coming under the hammer.