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ECONOMYNEXT – Sri Lanka’s Ceylon High Grown tea prices were down 30-100 rupees per kilogram at an auction on June 21, as the rupee weakened against the US dollar, data showed.
Majority of Low Growns prices also fell while Mid Growns prices grew.
Total auction volume was 6.4 million kilograms and there was good general demand, Forbes and Walker tea brokers said in a report.
“Tea prices at the Colombo Auctions continued to experience a roller-coaster ride in the backdrop of the instability in the currency” Forbes and Walker in a report said.
The weekly sale average grew by 17.54 rupees to 982.79 rupees from 965.25 rupees, according to data.
High Growns
The High Grown sale average was down by 17.99 rupees to 840.06 from 858.05 rupees, Ceylon Tea Brokers said.
A total of one million kilograms of High Growns were auction.
Overall quality showed a decline and was generally uninteresting, Forbes and Walker said.
PF1 fell by 30 rupees and BP1 fell by 50 rupees per kilogram.
Both BOPF and BOP prices fell by 100 rupees per kilo.
Ceylon Tea brokers said, the drop in quality was the main reason for the price drop.
Nuwara Eliyas’ were mostly unsold due to a lack of suitable bids, Forbes and Walker said.
Uda Pussellawa’s better BOP/BOPF’s declined up to 100 rupees per kilo and more following quality, whilst at the lower end prices were generally maintained.
Uva’s followed a fairly similar trend with the BOP/BOPF
Low Growns
Price of OP1 and OP/OPA went down by 30 rupees, while PEK grew 80 rupees per Kilo in the last auction.
Low Growns comprised 2.4 million kilos.
The average price of Low Grown however, gained 31.76 rupees to 1,087.92 rupees per kilo in the last auction.
Semi-Leafy together with the Tippy catalogues met with good demand, whilst the Leafy varieties showed a fall.
In the Leafy catalogues, well-made BOP1’s together with the cleaner Below Best were firm to dearer, whilst the balance sold around last levels.
High priced OP1’s were firm to selectively grew on special inquiry.
The balance fell, whilst the teas at the bottom were fully steady.
Well-made OP’s were firm to marginally fell, whilst the balance sold around last levels. However, the poorer teas at the bottom declined.
Medium Growns
The Medium Growns sale average also grew 15.46 rupees to 848.44 rupees last week.
PEK1 grew 100 rupees while OP1 grew by 50 rupees per kilo.
Less activity from shipper to the UK and the continent perhaps following lower quality, whilst shippers to Japan, South Africa and the CIS together with the local trade were active at lower levels, Forbes and Walker said.
Select best in BOP1 were increased by 50 rupees per Kilo whilst others held firm.
FBOP/FBOPF1 in general, maintained earlier price levels.
Source: https://economynext.com/sri-lanka-high-and-low-growns-tea-prices-fall-at-weekly-auction-124389/
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