Record prices achieved at Colombo tea auction

Business

The Colombo Tea Auction recorded 5.1 million kg of tea on offer this week of which 2.1 million kg were Low Grown Main Grades and 1.91 million kg were High and Mid Grown Main Grades.

Record prices for Higher Elevation Grades at this week’s auction for an invoice of FBOPF1 grade offered for sale from Battawatte Estate, Madulsima realized an All Time Record price of Rs.1080 per kilo, breaking the previous record of Rs.1040 per kg. Inverness OP1 invoice sold at a price of Rs.1020 per kg which is equal to the existing record for this tea, brokers said.

Low Growns met with good demand. In the Leafy grade catalogues liquoring OP1s held firm, whilst below best and others appreciated in value. OPs appreciated in value all-round. Well-made stylish OPAs held firm; below best and others gained in value. In the Semi leafy catalogues most BOP1s sold at dearer rates.

Mid range teas were fully firm and in relation to the depreciation of the rupee Asia Siyaka analysts observed that they were not as buoyant as expected but the better liquoring teas particularly the BOPFs in the below best standard moved up sharply.

Quantities were low due to dry weather and lack of fertiliser application last year. Bids were also received from buyers from Russia. (SD)

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