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| Tuesday, 23 March 2004 |
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Tea market continues bull run by Steve A. Morrell The tea market continued its bull run last week too. Azim Azzain, Director, Forbes and Walker Tea Brokers (Pvt) Ltd., said that this week prices would remain more or less at recent levels but reduced values would be unavoidable from end March through the last sale in April.
There would be a continuous demand for well made teas, but the below best types would sell poorly, because by then shippers would have purchased their export requirements and could be selective in their buying, he said. Our tea report on March 8 spotlighted this expected turn, now confirmed by Forbes & Walkers. Kenilworth was the pick for the eighth week in a row, which was quite outstanding. Of the Westerns Glentilt on the Mousakellie reservoir border entered the top seller lists with a BOP sale for Rs.265 per kilo. Moray sold a BOPF at Rs. 255 a kilo. Diayagama West in the Agras Valley fetched Rs. 290 per kilo for a Pekoe (BOP) The top sellers in Udapussellawa recorded prices which were considered good for the elevation. Ragalla, Kirklees, Liddesdale, Blairlamond, Gordon and Mooloya estates had prices ranging from Rs.161 to Rs.208 In the high grown elevation Lovers' Leap, Mahagastotte and Court Lodge estates were in the price range of Rs. 255 to Rs. 295. Labookelle estate on the main Kandy-Nuwara Eliya road usually attracts attention of many visitors, not merely for its accessibility and tourism value, but also its attention to detail in maintaining field standards, acccording to a spokesman for Forbes and Walkers. It has also been recognised for its social welfare work, and worker friendly management systems, which has enhanced its standing as a reliable source for all-round management. This plantation is managed by Agalawatte Plantations Ltd., a subsidiary of Mackwoods Ltd. Recently Hans Brattskar, the Norwegian Ambassador inspected social welfare work introduced under the aid scheme the Plantations Development Support Program." Reports on the visit were good, Brokers said. Azzain said that the performance of the tea industry in 2003 was disappointing compared to 2002 crop intakes. The crop drop was around seven million kilos, but prices in the second half compensated for this decrease. The BM Fannings grade is not included in these production figures because this grade is sold separately from the usual production grades. Libya was the main buyer last year with 19.5 million kilos. Iran too imported 13.5 million kilos, Australia, Chille and Germany were the other recognised buyers of Sri Lanka tea. Value addition of exports to Australia and Germany were a feature last year, said Azim Azzain, which augured well for the future. Although prices would dip end March the market would pick up around May and trends promise a good year ahead, he said. |
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