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| Friday, 23 January 2004 |
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Improved ex-estate volumes at weekly tea auction By Steve A. Morrell Improved ex-estate volumes was a feature at the weekly auction which concluded on January 21. The quantity on offer too recorded an increase. The total quantity stood at 8.8 million kilos which was not an extraordinary feature, Brokers said. They attributed this to the closing date for cataloguing which was extended by two weeks because of the Christmas holidays. The market continued to be strong. Improved standards were seen throughout the planting districts, which was a good sign, due to excellent demand and general buyer confidence. There was a stabilised situation in the plantations brokers said. Inspecting a wide cross section of teas on offer buyer preference followed quality, but the thick coloury Bogos too were in demand. Price appreciations were Rs. 5 to Rs. 8 kilos higher. Shippers to the UK, Japan, and the Continent were active, while the CIS countries too showed their weekly preference for Ceylons. The Low growns offered 4.4 million Kilos. The Tea Smallholders continued to be the main suppliers, and prices obtained at previous auctions although within the top category, were not quite in the larger remunerative bracket. These factories have to subject themselves to conditions, which usually portray only partial adherence to demanded standards. Nevertheless they managed to maintain an organised environment and supply the standard demanded. This fact alone augurs well for the future of low growns. The Ministry of Plantation Industries has given positive support to the small -holders. There was however a pall of gloom over the plantation areas, because of increasing costs, caused by the prevailing drought and lower crop intakes. Many Regional Plantation companies who could barely make ends meet are now in a depressed economic situation due to the expected wage negotiations in July this year. Current price trends would therefore not have the desired impact on profits, Brokers said. |
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