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| Sunday, 28 August 2005 |
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Business |  |
| News Business Features Editorial
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Tea prices to pick up this week by Elmo Leonard Colombo's tea auction prices are expected to pick up in the coming week. The August 17 sale average of US$1.72 (Rs. 175.06) per kilogram is expected to go up progressively in the coming weeks. In comparison, the corresponding average sale price of August 2004 was in real terms, US$1.87 (Rs 193.73) per kilo, according to the Forbes and Walker tea report last week. Low grown teas, the better invoices continued to pick up last week. On average, low growns gained around Rs. 8 per kilo during the past three weeks. Middle Eastern buyers who prefer low growns, are expected to come in, purchasing for the Ramazan season scheduled to begin end October. Russia and the CIS countries are also expected to begin their purchases of a wide range of low growns, for the winter, to begin end September, with shipments taking around 40 days to reach Russian ports. The Libyan tender to purchase around 10 million kilos of tea will end, end-September. The low grown average of last week when computed is expected to exceed Rs 189.15 per kilo recorded two weeks ago, Dinal Fernando of Asia Siyaka said. The Uva quality tea season is on, and the better quality teas which would fetch higher prices are expected to enter the tea auctions as the season progresses, because dry weather is continuing. Nuwara Eliya teas too are expected to follow the same trend. Better teas from western plantations are expected to fetch higher prices in the coming weeks. The Russian demand for upcountry teas is anticipated in the coming weeks, and prices are expected to go up. With the drought holding and crops decreasing, the manufacturers are concentrating on putting out better quality teas which augurs well for higher prices in the coming weeks, Fernando said. |
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