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| Friday, 9 April 2004 |
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Tea market continues in buoyant mood by Steve A. Morrell Although speculation was that buyers would have filled their forward orders anticipating the long holiday season for the Sinhala and Tamil New Year, the tea market was not that bad according to a leading Brokering House. Prices were largely in the upper range category. Overall prices did not see all-time highs, but considering demand from traditional European sources, and Iraq and to some extent South Africa, the market did remain viable and the plantations could yet be in a buoyant mood. There was active buying from the UK, whose entry was seen as a plus factor and was a good sign, the Brokers said. From the planters' view, these prices and the expected rush crops after the New Year, would mean lower costs and a sustained level of return; but the termination of the collective agreement mid year this year would again cause worker unrest and an unsettled position in the plantations. To thwart these conditions a positive outlook was necessary, they said. The Low Growns produced another collection of well manufactured teas, but the better known marks that were outstanding over the past few weeks had to give way to some emerging good tea makers. Ciciliyan topped the Low Growns with a sales price of Rs. 247 per kilo for a Broken Orange Pekoe (BOP) and Kallumalay sold a BOPF for Rs. 214 per kilo. Both factories are smallholder locations. Hingalgoda sold a CTC BP1 for Rs. 370 per kilo. Other producer locations in the low country did not produce an outstanding tea to command an equally top level price, but the market was described as good. Stockholm regained its top seller slot, with the sale of a BOP at Rs. 244 per kilo which was in the top price category for the Western High grown elevation. Stockholm overlooks the eastern slopes of the Upcot Valley, and is managed by Horana Plantations Ltd., Moray sold a BOP for Rs. 247 per kilo. Moray is managed by Maskeliya Plantations Ltd. Uda Pussellawa too produced some top prices. Gampola and Gonapitiya Gold BOP grades at Rs. 170 per kilo. EL Teb recorded top prices for BOP and BOPF grades. The market remained good. The tranquillity achieved after the elections had much to do with the tea market being sustained. The thumbs-up outlook, would continue, they said. The Westerns and the Nuwara Eliyas dropped in demand, but due to the reduced quantity on offer at 0.69 million kilos it was not a telling factor on the overall prices. 5.3 million kilos were on offer. The Low Growns rescued the industry this week. |
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