John Keells Tea Market Report:
Tea revenue to exceed last year’s earnings
Despite Sri Lanka Tea production in the month of October recording a
significant shortfall of 4.1 mkgs compared to the corresponding month of
2011, and thereby widening the to date deficit by 2.3%, revenue from tea
exports in 2011 is expected to exceed last year’s performance.
Revenue from Sri Lanka’s No. 1 Agricultural export crop is expected
to record $ 1.5 billion compared to $1.4 billion last year.
Sri Lanka’s earnings from tea exports have risen 3.1% to $ 973.1
million in the first eight months of 2011.
Last week’s larger volume of Ex-estate teas comprising 1.2 mkgs met
with lower demand. Overall quality also showed a decline. Best Western
High Grown BOP’s and BOPF’s were Rs 10 to 15 easier whilst in the below
best category BOP’s were Rs 5 to Rs 10 lower and BOPF’s declined Rs 15
to Rs 20.
At the lower end of the market BOP’s were firm to marginally dearer,
whilst BOPF’s lost Rs 15 to Rs 20 and more.
Nuwara Eliya teas met with more interest and prices fluctuated
following quality with the better invoices showing some price gains.
Uva BOP’s and BOPF’s too were of a lower market although some semi
leafy invoices sold well. Best Low Grown CTC PF1’s were barely steady
whilst others too declined Rs 10 to Rs 15 with the bottom end for these
teas being neglected. High and Medium CTC PF1’s too shed Rs 20 and more.
The 3.2 mkg of Low Growns that were on offer last week, met with good
demand. In the Leafy catalogue, select best BOP1 were steady, whilst the
balance eased Rs 5 to Rs 10. Well made OP1s gained Rs 5 to Rs 10,
however poorer sorts met with less demand. Select best and best OP/OPAs
advanced Rs 10 to Rs 15. Pekoe/Pekoe1s met with excellent demand and
appreciated in value by Rs 15 to Rs 20. In the Small Leaf category too
prices met with improved demand.
Select best along with the best FBOP/FF1s gained Rs 10 to Rs 20,
whilst the below best and poorer types were barely steady.
BOP/BOP.SPs were firm. Select best and best Tippy varieties advanced
sharply, however, the poorer types were irregularly lower.
There was useful demand from Russian and Middle Eastern markets.
Western Teas
Select best BOPs declined Rs 10 to Rs 15, other good invoices were
irregular, below best sorts shed Rs 5 to Rs 10, plainer varieties were
firm to marginally dearer. Select best BOPFs eased Rs 10 to Rs 15 on
average, other good invoices shed Rs 10, below best sorts declined Rs 10
to Rs 15 on average, plainer varieties declined Rs 15 to Rs 20 and at
times more. Medium BOPs were firm. BOPFs were firm to easier.
Nuwara Eliya Teas
BOPs declined Rs 5 to Rs 10. Bright BOPFs advanced Rs 5 to Rs 10,
others were irregularly lower following quality.
Uva Teas
BOPs were firm. BOPFs declined Rs 15 to Rs 20 and more. Uda
Pussellawa BOPs gained Rs 5 to Rs 10 BOPFs shed Rs 10 to Rs 15 on
average.
CTC Teas
Select best Low Grown PF1s were barely steady, others declined Rs 10
to Rs 15 with the plainer types remaining unsold. High and Medium PF1s
shed Rs 15 to Rs 20 on average. BP1s were Rs 5 to Rs 10 lower.
Low Growns
Good demand. Select best OP1s shed Rs 10 to Rs 20, whilst the best
and below best types were steady, however stalky types tended lower by
Rs 5 to Rs 10.
Select best BOP1s were firm to Rs 5 to Rs 10 dearer at times, whilst
best types eased Rs 5 to Rs 10, below best and poor sorts too were lower
by a similar margin. Select best OPs appreciated Rs 20 to Rs 30, best
types gained Rs 10 on average, below best and poor sorts were
irregularly dearer by Rs 3 to Rs 5. Select best OPAs appreciated Rs 5 to
Rs 10, best types too gained Rs 5 to Rs 10 and more at times, below best
and poor sorts were firm. Select best Pekoes maintained last levels,
other varieties advanced sharply by Rs 10 to Rs 15 and more at times.
Select best Pekoe1s gained Rs 20 to Rs 40, balance too were dearer by
Rs 10 to Rs 20. Select best and best BOP/BOPSP maintained last levels,
below best and poorer sorts were irregularly lower to last.
Select best and best FBOP/FBOPF1s advanced Rs 10 to Rs 20, below best
types were irregularly lower to last, poorer types were barely steady.
Select best and best Tippy varieties advanced sharply above last, below
best sorts were firm, poorer types were irregular.
Off Grades
Select best and best liquoring Fngs1s appreciated Rs 5 to Rs 10,
whilst below best and poorer sorts were dearer by Rs 10. Select best and
best BMs were irregularly dearer by Rs 10, whilst the below best and
poorer sorts were firm to dearer by Rs 5. All BPs appreciated Rs 5 and
more at times. All Low Grown Fngs were dearer by Rs 5 to Rs 10. Select
best and best BOP1As dearer by Rs 5 to Rs 10, whilst the below best
types appreciated by Rs 10, poorer sorts were irregularly dearer by Rs
10.
Dust
Select best Dust1s declined Rs 10 to Rs 15. A few Dust1s in the Best
category were firm to Rs 5 dearer, whilst the below best types and the
balance declined Rs 15 to Rs 20 and more towards the latter part of the
sale. Clean secondaries shed Rs 10 to Rs 15, whilst the below best types
declined further, poorer sorts appreciated Rs 10 to Rs 15.
Best Low Grown Dust/Dust1s were firm, whilst the below best types
appreciated Rs 10 to Rs 15, poorer sorts maintained last levels. |