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| Monday, 8 March 2004 |
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Will trend in good tea prices continue? by Steve A. Morrell Last week too the tea market held, and Brokers were optimistic about the coming weeks. Although there was general satisfaction that prices had not nose-dived, there were no comments on the previous week's sale sources told the Daily News. Price movement in February recorded 'all-time high' returns for a single month selling at an average of Rs. 164.50. The dollar equivalent stands at US$ 1.66, but at producer points the plantations should gain benefits of the rupee value transactions. In 2003 for the same period, sales prices were Rs. 145.84. In real rupee terms the price increase was a healthy 13%. The western slopes showed good gains and it was pleasing to see the 'Good' tea makers re-emerge at the top of the table, with entry of some marks who were absent for quite some time. Moray, in the far reaches of the Peak Wilderness, recorded Rs. 275 for a Broken Orange Pekoe (BOP), Bogowantalawa, in the Bogo valley was another re-entry holding which fetched Rs. 260, also for a BOP. Kirkoswald on the opposite side of the hill fetched Rs. 270 for pek/FBOP Somerset dominated the BOPF grade with a good price of Rs. 300. Kenilworth continued its No.1 position in the Mid growns with Rs. 350 BOP and Rs. 230 BOPF. Udapussellawa, which is a 'stand-alone' selling district, had Delmar, Luckyland, Ragalla, and Gordon, Estates, record good prices. Of the Uva's El Teb, on the Passara urban border, was the pick selling a BOP line knocked down at Rs. 194. Bandara Eliya, the selling mark for Damdatenne Estate, on the outer fringe of the South eastern slopes of Haputale, (The only Tea Estate owned by Sir Thomas Lipton long before Estates were nationalised) sold a BOPF for a top price of Rs. 196. Damdatenne is now managed by Agrapatana Plantations Ltd., a subsidiary of Lankem Plantations. A leading buyer said that although the market was strong now the monetary gains of the past few weeks would decline and price decreases would be experienced by the third week of March. He said that the forthcoming April 2 general elections, and the Sinhala New Year season could have caused these market conditions. He said the delivery destinations had to have their tea orders off-loaded on schedule. They do not tolerate any delays. Shippers therefore, anticipating a long period of holidays, from April 2 to April 19 had to have their shipments in transit at sea. 'This was much better than have these consignments in a warehouse awaiting despatch, he said. The Secretary General Ceylon Association of Shipping Agents, Kusal Warusawitharana said, that buyers' comments were fair, but not relevant to shipping movement. Shippers will ensure that container vessels call at the Port of Colombo on schedule and would not be affected by political upheavals. |
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