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| Friday, 14 February 2003 |
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Sharp drop in Low Grown sale average The Low Grown sale average had dipped very sharply during the past few weeks, due to the unsettled conditions in the Middle East. Consequently the average, which stood at Rs. 167.46 on January 13, had dropped to Rs. 144.62 at the sale on February 3. This drop of Rs. 22.84 in three weeks would be the most rapid decline when compared with a previous similar situation, John Keells Tea Brokers said. The average is the lowest for Low Growns in one and a half years and it was in August 2001 when the average was Rs. 141.93. For the first time in two years, the Low Grown average has dropped below the High Grown average in respect of the weekly sales. In the year 2002, the weekly Low Grown average dropped below Rs. 150 only on one occasion. The sale average of Rs. 144.62 compares poorly with the corresponding sale of last year, which was Rs. 170.42. The Low Grown market in general, continued to be poor this week, with the Below Best varieties and Tippy grades losing further. However, the demand for FBOPs improved as the sale progressed, and the prices were often several rupees above the last levels. A range of leafy teas at the lower end of the market as well as BOP/BOPFs were also sometimes firm to slightly dearer. The liquoring market in the Ex-Estate sale rebounded after last week's much weaker tone, and forecasting the market has now become almost impossible. The demand for the very good BOPFs accelerated as the sale progressed and by the close prices were well above last week's levels. For Fair Average Quality teas however, the demand was not as strong and the prices were sometimes a little weaker. The drop witnessed last week in the prices of Below Best Western teas was due to the market being overheated. As the levels had become attractive, there were more inquiries this week. BOPF prices at the top end now appear a little too high, and could well weaken somewhat at next week's Auction, John Keells Tea Brokers said. |
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