Tea prices at Colombo Auction continue to experience “rollercoaster ride”: Brokers

The tea prices at the Colombo Tea Auction continued to experience a rollercoaster ride, in the backdrop of the instability in the currency, the tea brokers said.

The offering amounting to 6.4 MnKgs came under the hammer this week, which were met with fair demand at irregular rates.  

The Ex-Estate offerings continued to be maintained around 1.0 MnKgs. The overall quality showed a decline and was generally uninteresting, Forbes and Walker Tea Brokers said. 

The Best Western BOP/BOPFs declined Rs.100 per kg and more for select high-priced teas of last week. In the Below Best category, the brighter BOPs declined up to Rs.100 per kg, whilst at the lower end, on average, declined Rs.50 per kg. 

The corresponding BOPFs declined Rs.50-70 per kg and Rs.40-60 per kg, respectively. The Nuwara Eliyas were mostly unsold, due to a lack of suitable bids. The Uda Pussellawa – Better BOP/BOPFs declined up to Rs.100 per kg and more following quality, whilst at the lower end, the prices were generally maintained. The Uvas followed a fairly similar trend, with the BOP/BOPFs declining by Rs.100 per kg and more. The High and Mid Grown CTC teas – BP1s continued to sell around last although the prices were often irregular, whilst the PF1s were firm and Rs.20-40 per kg easier. The Low Grown varieties sold around last though the prices tend to fluctuate following quality. 

Less activity was seen from the shippers to the UK and continent, perhaps following the lower quality, whilst the shippers to Japan, South Africa and the CIS, together with the local trade, were active at lower levels.   

The Low Growns comprised of 2.4 MnKgs. The Semi-Leafy together with the Tippy catalogues met with good demand, whilst the Leafy varieties showed a decline. 

In the Leafy catalogues, the well-made BOP1s together with the cleaner Below Best were firm to dearer, whilst the balance sold around last levels. The High-priced OP1s were firm to selectively dearer on special inquiry. The balance eased, whilst the teas at the bottom were fully firm. The well-made OPs were firm to marginally easier, whilst the balance sold around last levels. However, the poorer teas at the bottom declined. 

The select Best PEK/PEK1s appreciated, whilst the Best and Below Best too followed a similar trend. The poorer sorts maintained. 

In the Tippy catalogues, the well-made FBOPs were firm, whilst the Below Best and cleaner teas at the bottom appreciated. The balance was firm. The select Best FF1s were irregular, whilst the balance appreciated.

In the Premium catalogues, the very Tippy teas together with the Best met with good demand and were dearer. The cleaner Below Best too followed a similar trend, whilst the balance was irregular.