As a result of the sharp appreciation of the rupee, buyers at the Colombo auction this week dropped bids ranging from Rs.100 to Rs.400 per kg and at times more.
At the auction, there was a significant amount of unsold stocks of tea that rose sharply to 26 per cent of the 5 million kg on offer. 2.40 million kg were Low Grown Main Grades and 1.76 million kg were High and Mid Grown Main Grades.
In the Leafy and Semi Leafy catalogues Select best BOP1s were barely steady whilst below best varieties declined. Teas at the lower end were generally firm. Well-made Pekoe/Pekoe1’s in general declined substantially at the commencement of the sale, however remained firm towards the close.
Most teas among premium catalogues remained unsalable due to lack of suitable bids whilst only a selection of well-made very tippy teas had some inquiry.
A few Select best Seasonal Western BOPs were firm, but all others and better Western BOPs declined Rs.200 and more. (SD)