Business
Larger weight at today’s sale meets with fair demand
Today’s Ex-Estate market comprising a large weight of 1.2 Mkgs, which was 300,000 Kgs more than the previous week met with fair demand. The Western BOP/BOPFs at the commencement of the sale were Rs.5/- to Rs.10/- easier, however strengthened and ended the sale being firm to a few rupees easier. Nuwara Eliya BOP/BOPFs which moved up substantially last week could not be sustained and consequently the prices declined Rs.25/- to Rs.30/- on average with a number of invoices remaining unsold.

Uva BOP/BOPFs too were of an easier market with average price declines of Rs.10/- to Rs.15/-. A few Low Grown CTC PF1s sold well appreciating in value whilst others were firm to a few rupees easier. High and Medium grown PF1s mostly maintained. BP1s declined Rs.5/- to Rs.10/-. The tea bag sector and Russia lent fair support, whilst UK, Japan and Continental buyers too were active.

The large weight of 4.2 Mkg of Low Growns that were on offer this week, met with good demand, but at lower levels. In the leafy category, select best OP1/BOP1s sold at marginally lower levels, however, the below best varieties were mainly firm, if not slightly dearer, at the bottom end prices maintained. The shotty Pekoe1s were barely steady, but the bolder varieties declined Rs. 10/- to Rs. 15/-. The well made OP/OPAs were well absorbed, but around Rs. 10/- to Rs. 15/- lower than the previous week, however the stalky varieties were quite strong with prices at times appreciating Rs. 5/- per kg. In the small leaf category, select best FBOPs declined Rs. 10/- to Rs. 15/- with a large volume remaining unsold due to lack of suitable bids.

The below best too followed a similar trend. The best FF1s eased Rs. 5/- to Rs. 10/- with the below best declining further. The tippy varieties declined sharply, here too a large weight of teas remained un-sold, due to lack of suitable bids. There was excellent demand from Russia, whilst Iran was rather subdued. Dubai, Iraq, Jordon, Syria, Saudi Arabia, Turkey and other Middle Eastern markets lent useful support.

- John Keells PLC

 

 

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