Prices weaken at Colombo Tea Auction this week

The auction offerings were relatively static and totalled 5.8 million kilogrammes.

There was fair demand though the prices tended to weaken as the sale progressed. The volatility of the currency and strengthening of the Sri Lankan rupee, over the past several days, adversely impacted the rupee tea prices.  

The Ex-Estate offerings too were fairly similar and totalled 0.79 million kilogrammes. The overall quality of the teas showed no significant change and a greater majority of teas on offer continued to represent a fair average quality standard.   

The Best Western BOPs – a few select invoices, appreciated, following special inquiry, whilst the others together with the corresponding BOPFs were irregular and often easier, following quality. In the Below Best category, the BOPs in the higher price bracket, where quality was maintained, were barely steady, whilst the others were irregular and easier. The plainer BOPs continued to sell around last. The corresponding BOPFs in the Below Best category - Better sorts, were irregular, following quality, whilst the others together with the teas at the lower end of the market continued to sell around last week’s levels. Yet another disappointing sale was there for the Nuwara Eliyas against the backdrop of relatively uninteresting quality. The Uva/Uda Pussellawas, in general, were firm.        
The High and Medium CTC teas continued to sell around last week’s levels. The corresponding Low Growns – BP1s, were sharply lower. The PF1s – Select invoices, were firm, whilst the others were up to Rs.50 per kilogramme easier, often following quality. 

Limited interest from the shippers to the UK and South Africa was shown. There was fair activity from the shippers to Japan, whilst the shippers to the CIS continued to be fairly active on a wider cross section of the teas. 
The Low Growns comprised of 2.5 million kilogrammes. All categories met with fair demand although the Tippy catalogue witnessed a declining trend in prices. 

In the Leafy and Semi-Leafy catalogues, the Select Best and Best BOP1s were firm, whilst the balance declined substantially. However, the teas at the bottom were firm. The OP1s, in general, were firm. The Select Best OPs were firm to selectively dearer, whilst the balance sold around last levels. The OPAs were firm. The PEK/PEK1s were easier, whilst the cleaner teas at the bottom sold around last levels. 

A few Select Best FBOPs were firm, whilst the others declined. The Select Best FF1s were firm to easier, whilst the balance declined substantially.

In the Premium catalogue, the high-priced Tippy teas were firm, whilst the balance appreciated. However, the leafier varieties in general were lower.