Colombo tea auction quantities set to show recovery

Business

The Colombo Tea Auction saw a similar amount as the previous week with 5.10 million kg on offer of which 2.29 were Low Grown Main Grades and 1.71 million kg were High and Mid Grown Main Grades.

Low Growns met with fair demand, the market comment from the Asia Siyaka Brokers stated in its weekly report this week while there was a good general demand in the Ex-Estate catalogues this week.

Quantities at the auctions are expected to improve in the coming months following the application of required fertiliser this year. As a result the crop losses have now settled and a gradual recovery is being expected in production.

Best Western BOPs were fully firm with select lines moving up; other better made teas and those at the bottom were irregularly dearer at Rs.50 and more.

Better Western BOPFs were fully firm with select lines moving up Rs.30 to Rs.50; teas at the bottom however declined by a similar margin, the report stated.

Nuwara Eliya BOP/ BOPFs tended easier. Udapussellawa BOPs were about firm. BOPFs were irregularly dearer. High priced CTC PF1s were firm to Rs.50 dearer; liquoring sorts were irregular with some better teas gained Rs.20 to Rs.40; others were firm. A range of BP1s were sharply dearer; others were firm. (SD)

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