6.78 Mnkgs under hammer this week at Colombo Tea Auction

The auction offerings at the Colombo Tea Auction increased further this week. A total of 6.78 Mnkgs came under the hammer.

There was good general demand though mostly at easier rates, particularly for the teas in the Below Best and poorer categories, Forbes and Walker Tea Brokers said in its latest tea auction report.

“This week’s correction in prices takes place perhaps as a combination of increased volumes, lower quality, delays in shipments, due to unavailability of vessels and strengthening of the Sri Lankan rupee, following the anticipated political stability,” it said.

Ex-estate offerings totalled 1.0 Mnkgs. The overall quality of teas showed a general decline and consequently, a greater availability in the Below Best and Plainer categories.

High and Medium Grown CTC BP1S declined by Rs.20-40 per kg and substantially more following poorer quality, whilst the corresponding PF1S declined Rs.50100 per kg. Low Grown varieties – BP1S commenced firm on last week’s closing levels and declined as the sale progressed. PF1S – Best available sold around last week’s closing levels, whilst the others declined Rs.100-150 per kg following quality.

Low Growns comprised of 2.8 Mnkgs in the Leafy/semi Leafy and Tippy catalogues. The Low Grown market in general was marginally lower at the commencement of the sale and declined substantially towards the closure. Teas at the lower end experienced a sharp decline and a number of invoices remained unsold without suitable bids.

In the Leafy and Semi Leafy catalogues, select Best OP1/BOP1S were barely steady, whilst a few Below Best varieties maintained. Others and poorer sorts, in particular, declined substantially.

In the Tippy catalogues, select Best and Best FBOPS eased, whilst a few cleaner Below Best sold around last levels. Balance together with the bold varieties declined. Few select Best FF1S were firm, whilst the balance together with the Best was easier. Few cleaner Below Best sorts maintained, whilst the balance declined following quality.

In the Premium catalogues, very Tippy teas continued to attract good demand and were dearer. Best too appreciated, whilst the balance was irregular following quality.