Ceylon Tea prices get boost on weak rupee

Tea prices continued to receive a boost based on the weakening of the rupee at the Colombo auctions this week as well for offerings that totalled 5.2 million kg, Forbes and Walkers Brokers stated.

Low Grown/Large Leaf teas continued to appreciate by a greater margin with many invoices realizing all-time record prices.

High and Medium Small Leaf teas too appreciated by Rs.50 per kg and more, though yet not in keeping with the Large Leaf sector gains and perhaps the depreciation of the Sri Lankan rupee.

Ex-Estate offering remained fairly similar to last week and totalled 0.83 million kg while the quality of teas on offer were mostly similar to last.

In the Best Western category, select high priced BOPs were irregular, while the others gained substantially by Rs.50 per kg and more. Corresponding BOPFs were irregular following quality, while the others gained Rs.50 per kg and more. In the Below Best category, BOPs in the higher price bracket were firm and Rs.10-20 per kg dearer, while the others together with teas at the lower end of the market were substantially dearer.

Nuwara Eliya BOPs gained Rs.40-50 per kg while the corresponding BOPFs gained by an average Rs.50 per kg.

High and Medium Grown CTC teas gained by Rs.30-50 per kg in keeping with the Orthodox types, while the Low Grown varieties too were up to Rs.50 per kg dearer.

In the Leafy and Semi Leafy catalogues, select Best BOP1/OP1s were fully firm, while the clean / improved Below Best varieties commenced Rs.75-100 per kg dearer and gained further towards the close of the sale.