ECONOMYNEXT- Sri Lanka’s tea prices are lower this year in the five months to May compared with last year, including in US dollar terms, Forbes and Walker Tea Brokers said in a report.
The cumulative Colombo auction average for January-May 2019 was 574.90 rupees, 41.64 rupees lower than the 616.54 rupees fetched in January-May 2018.
The auction average prices were lower for all three elevations, the report said.
For High Grown teas in January-May 2019 the period, the average fell 42.13 rupees to 552.51 rupees a kilo from the year before.
The average price for medium grow teas also fell, down 55.04 rupees to 503.08 rupees a kilo.
Low Grown teas, which make up the bulk of the crop and are much in demand in the Middle East, showed the lowest fall in the auction average price, down 36.81 rupees to 601.20 rupees a kilo in the January-May 2019 period from a year ago.
Forbes and Walker Tea Brokers said the national average for the month of May 2019 totalled 539.55 rupees a kilo, down 51.69 rupees from a year ago and down 38.68 rupees from April 2019.
“Both the month and cumulative averages show a greater decrease in US dollar terms compared to the corresponding period of 2018,” the brokers said.
At this week’s auction, prices were generally lower owing to reduced demand.
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