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| Sunday, 5 June 2005 |
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| News Business Features Editorial
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Tea prices not affected by quantity The unusually large quantity of 8.1 million kilograms of tea on offer, did not weigh down price at the Colombo tea auctions last week. The factor of improved demand was very apparent, and heartening for the large volume of 1.3 million kilos of ex-estate or upcountry teas on offer. This lead to a marginal upward movement in price, as the sale progressed, according to brokers, Forbes and Walker. For the first time in many weeks, Broken Orange Pekoes (BOPs) from western plantations saw an upward movement in price. Despite this trend, BOP Fanning varieties continued to sell at a premium price over its BOPs. Best Westerns sold last week between Rs. 175 to 215 per kilo (Rs 100 to a US dollar) and BOPFs between Rs. 180 to Rs. 236 per kilo. Nuwara Eliya BOPs appreciated in value last week, whilst the BOPFs failed to achieve the same momentum. Teas from the island's eastern plantations, or the Uva/Udapussellawa regions, together with its Cut and Tear - CTC offerings, also followed a similar trend. A total of 3.6 million kilos came up for sale in the leafy/tippy catalogue. The quality of these offerings were mostly lower to that of the previous week. However, there was a reasonable selection of well made clean leaf teas on offer. These better teas, particularly, a cross section of tippy grades together with an assortment of OPIs sold at firm to marginally dearer rates. The secondary varieties continued to decline with buyers being very selective. OP/OPAs too were mostly lower to last week, with prices declining by Rs. 4 to Rs 8. per kilo, at times more. The high priced Pekoes again were a lower feature. However, there was better demand for the bottom-end teas. There was fair demand from Russia and the CIS countries, Syria, Jordan, Turkey and Dubai, the Forbes and Walker report says. |
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