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Sunday, 10 May 2009

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Allround demand for low growns sustained

An allround demand for low grown teas was sustained at this week’s auction that had a restricted quantity of tea on offer due to the festive season.

The quantity of tea at this week’s auction dipped to around 4.8 million kilograms from the average volume of 6.8 to 7.5 million kilograms. Of the total volume on offer low grown comprised 2.3 million kilos.

The price of the stylish leafy grade increased from Rs.10 to Rs.20 per kg and the demand for Pekoe grade was sustained at the auction.

Tea Brokers said quantities on offer will stabilise and prices are expected to pick up with strong demand from major importing countries. Strong demand for the low grown tea was from Dubai, CIS, Turkey, Saudi Arabia, Syria, Iran and Kuwait.

The High Grown market was down this week due to low offers.

The main tea export markets during the first three months of the year was CIS which imported 14 million kgs, UAE 8.5 million kgs, Syria 6.8 million kgs, Iran 5.4 million kgs, Jordan 3.5 million kgs and Turkey 3.1 million kgs.

Sri Lanka’s tea production during the first three months was 18.1 million kgs, a decrease of 12.5 million kgs compared to last year’s harvest of 30.8 million kgs.

A spokesman for Lanka Commodities Ltd. said that depreciation of the rupee has a positive impact on Sri Lanka’s tea exports which was affected by the over valued rupee. Meanwhile Somerset Estate managed by Talawakelle Tea Estate PLC (Heyleys Plantations Services Ltd) achieved an all time record price of Rs. 770 per kg in the western high grown category for BOP grade at the auctions held in March.

(LF)

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