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| Friday, 25 July 2003 |
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Mixed fortunes for tea producers The market continued to bring about mixed fortunes for tea producers. In the Ex-Estate sale, the bulk of the liquoring teas failed to generate much competition. BOPs in particular were neglected, and although the teas at the lower end of the market were absorbed between Rs. 90 and Rs. 95, the Below Best and the FAQ invoices seldom received a reasonable bid, and consequently, a fairly large number of invoices remained unsold. There was a little more inquiry for the BOPFs and teas which had fair cup characteristics sometimes advanced by Rs. 5 to Rs. 10. However, some of the invoices which were selling between Rs. 115 and Rs. 130 deserved better. Good liquoring FBOPs recorded enhanced prices whilst, the entire range of liquoring Pekoes advanced in value. CTC teas were slightly stronger amidst marginal improvements in product quality. The Low Grown market continued buoyant with good demand being received from the Middle East and CIS out markets. The demand from Iran continued strong on flowery grades whilst, buying for Libya also appeared to be stronger. Russian interests also absorbed larger volumes. The Off Grade market should cause concern to the producers. The poor teas that were unsold in the previous auctions, and which have been re-printed, have increased the availability of such poor teas, resulting in a further drop in demand, and many more out lots at the lower end of the market. 30% of the entire Off Grade sale remained unsold. Producers would be advised to remove such teas back to the Estate and clean the teas adequately to bring it up to a saleable condition. The Low Grown market is expected to stay healthy in the ensuing months. The Ex-Estate catalogue will witness a further slight improvement in product quality. Although the Uva season has been delayed, it is hoped that seasonal buying for bright liquoring teas will commence, and lift the price structure of the liquoring teas. Source: John Keells Ltd. |
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