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ECONOMYNEXT – Sri Lanka’s tea prices fell across elevations with prices down 50 to 100 rupees a kilogram with November second week sale, extending falls from a week earlier.
November first week sales with low grown teas slipped 167 rupees per kilogram to 1,408.85 rupees a kilogram, from the previous week, Ceylon Tea Brokers data showed.
In the second week of November, low grown averaged at 3.88 dollars a kilogram down from 4.17 a week earlier.
Global prices also go up in dollar terms (commodity booms) when the US Federal Reserve prints money. However the Federal Reserve has now started to raise rates which tends to bring commodity prices down. Coffee prices fell earlier.
In the November 5th auction, the Low Grown leafy/Tippy variety had seen a drop in demand selling only 2.2 million kilograms.
The Ceylon Tea Brokers auction statement shows that tea prices across all elevations have fallen between 50 to 100 rupees.
Low Grown attract the highest prices for Ceylon Tea.
In the November 2nd week auction, the Low Grown Tea sale average was 1,408.85 rupees, down from 1,516.83 rupees in the previous week.
In dollar terms, it had slipped to 3.88 dollars per kilogram, from 4.17 dollars in the previous week.
Select best BOP1s declined, whilst best and below best were irregularly lower. Poorer types maintained.
OP1 Select best together with best and below best declined. Poorer sorts were fully firm.
PEKOE/PEKOE1’s Select best teas together with full range of bold PEKs were fully firm. Cleaner below best and the rest were irregular.
FBOP/FBOP1’s Except for a few select best invoices all others had a lower market.
BOP’s few well-made invoices held firm whilst all others were lower.
FBOPF/FBOPF1’s Select best and best shed in value, whilst the below best and bottom had a sharp
decline.
High Grown
The High Grown auction average was 1,366.32, down from 1,429.77 rupees.
BOP’s Best Westerns few select invoices were firm whilst others declined by Rs.50/- per kg.
Teas at the below best shed by Rs. 40-80/- per kg.
Plainer teas were firm to easier by Rs. 50/- per kg. Nuwara Eliya’s were irregular and mostly easier.
Uda Pussellawa’s were lower by Rs. 100/- per kg whilst Uva’s lost by Rs. 50/- per kg.
BOPF’s Best Westerns few select invoices were firm whilst others easier by Rs.50/- per kg.
Below best and plainer teas declined by Rs. 50-100/- per kg.
Nuwara Eliya’s had hardly any offerings. Uda Pussellawa’s
shed by Rs. 50/- per kg whilst Uva’s were lower by Rs. 50-100/- per kg.
Medium Grown
The Medium Grown auction average for the week was 1,366.32 rupees down from 1,429.77 rupees a week before.
Last week, BOPF’s Cleaner types maintained whilst all others declined by 50 rupees per kg
In BOP1, Select best and best declined by Rs.50/- per kg, whilst all others were firm.
While Select best easier by Rs.100/- per kg. Best lower by Rs.50/- per kg whilst all others maintained.
OP/OPA’s Select best lower by Rs.100/- per kg. Best and the Below best shed by Rs.50/- per kg whilst the teas at
the lower end maintained.
In the PEKOE/PEKOE1 – PEK Select best declined by Rs. 50/- per kg whilst all others were firm.
PEK1 in general, firm.
FBOP’s Select best and best declined by Rs.100/- per kg whilst all others shed by Rs. 50/- per kg.
FBOPF1’s Select best were lower by Rs.50/- per kg whilst best declined by Rs.100/- per kg.
Below best eased by Rs.50/- per kg. Teas at the poorer sorts were firm.
CTC
High-grown BP1s had hardly any offerings while PF1 eased by Rs. 50-100/- per kg.
Mid-grown BP1s were irregular and PF1 declined by Rs.100 per kg.
Low-grown BPIs hardly any offering and PF1 declined Rs.100-200 per kg.
(Colombo/Nov12/2022)
Source: https://economynext.com/sri-lankas-ceylon-tea-prices-extend-losses-102579/
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