Tea Auction prices decline further this week as rupee strengthens

The Colombo Tea Auction this week saw the prices for almost all the categories decline further, as the Sri Lankan rupee strengthened.

A total of 5.9 MnKgs came under the hammer, which were met with fair demand further this week. 

The Ex-Estate offerings were similar to last and totalled 1.0 MnKgs. The overall quality was barely maintained, with a larger volume of offerings comprising of average to plain quality teas. With the limited availability, the Select Best Western BOP/BOPFs were firm, whilst the others declined up to Rs.50 per kg. In the Below Best category, a selection of the better BOPs was up to Rs.50 per kg easier, whilst the others declined up to Rs.100 per kg and more following quality. The corresponding BOPFs declined Rs.50-80 per kg. 

The plainer BOPs declined Rs.50-70 per kg, whilst the corresponding BOPFs declined Rs.50-60 per kg and more. The Nuwara Eliyas were irregular and sharply lower. The Uda Pussellawa BOPs declined Rs.100 per kg and more.

The corresponding BOPFs – Best available were barely steady, whilst the others declined by up to Rs.100 per kg and more for select invoices, following quality. The Uva – Few select BOP invoices appreciated by up to Rs.50 per kg, following special inquiry, whilst the others declined by a similar margin and more for the thinner liquoring teas. The corresponding BOPFs eased up to Rs.50 per kg, on average. 

The High and Medium Grown CTC – BP1s were irregular and easier, whilst the PF1s declined Rs.50 per kg and more. The Low Grown varieties – BP1s were substantially easier, whilst the PF1s sold around last. 

The Low Growns comprised 2.2 MnKgs. The Leafy, Semi-Leafy and Tippy markets met with fair demand at easier rates.

In the Leafy and Semi-Leafy catalogues, the select Best BOP1/OP1s were firm, whilst the others eased. The OP/OPAs, in general, declined. A few select Best PEK/PEK1s sold around last levels, whilst all others declined.

In the Tippy catalogues, the well-made FBOPs were firm to marginally easier, whilst the cleaner Below Best and cleaner teas at the bottom were firm. The balance was easier, following quality. The FF1s, in general, were lower.

In the Premium catalogues, the very Tippy teas together with the Best and cleaner Below Best appreciated, whilst the balance was easier, following quality.