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Weekly Tea Market Report

Westerns were irregular and had on offer a limited selection of seasonal quality teas. Nuwara-Eliyas were barely maintained. Uva/Udapussellawas showed no significant change. Low Growns were similar to last.

Ceylontoday, 2013-03-12 13:32:00

Weekly Tea Market Report

Quality

Westerns were irregular and had on offer a limited selection of seasonal quality teas. Nuwara-Eliyas were barely maintained. Uva/Udapussellawas showed no significant change. Low Growns were similar to last.

Crop and weather - From 29 Feb to 03 Mar

Nanuoya and Agarapatana agro climatic planting districts experienced bright weather in the beginning of the week and showers towards the very end. All other regional agro climatic planting districts experienced bright weather throughout the week.

Nuwara Eliya region experienced bright weather throughout the week.

Udapussellawa region experienced similar weather conditions to the Nuwara Eliya region.

Uva region experienced bright weather throughout the week.

Galle district experienced bright weather at the beginning of the week. Evening showers were experienced at the latter part of the week.

The crop intake for Uva region increased whilst, Westerns decreased. Udapussellawa and Low Growns and Nuwara Eliya's maintained.

Tea auction happenings

Euro-scan betters its own price record

The tenth auction for the year which was concluded had on offer a total of 6.3 million kilogrammes. There was good demand.

Ex-Estate offerings comprised 1.1 million kilogrammes. The overall quality of teas from the Western planting district were irregular and had on offer a limited selection of seasonal quality teas. Consequently, the prices for these teas tended to fluctuate following quality and air mail enquiry. This week too, many invoices of BOP/BOPF’s (totalling 64) sold at Rs 500/- per kg and above. Nuwara-Eliyas witnessed better demand and sold at irregularly dearer rates. Uva/Udapussellawas witnessed renewed demand resulting in most teas appreciating Rs 5-10/- per kg. CTC’s too followed a similar trend with most teas on offer selling at firm to Rs 5-10/- dearer. Liquoring leafy teas continued to meet with good demand – although did not maintain the same momentum as the previous week. Notwithstanding this trend an invoice of ‘COURT LODGE’ PEK1 grade realized a price of Rs 2,300/- per kg – this line of tea was purchased by M/S EURO-SCAN EXPORTS (PVT) LTD and betters its own record of Rs 1,500/- realized at the previous week’s  Auction.

There was improved demand from Shippers to CIS on a cross section of teas – whilst, Continent and Japan competed strongly on the better liquoring teas.

Low Growns comprised of approximately 3.1M/kgs in the Leafy/Tippy catalogue this week. There was good demand all around. In the Leafy catalogue OP/OPA's were fully firm to dearer. PEK's too were fully firm with a fair cross section of teas at the bottom end gaining Rs 10-15/- per kg. Select best BOP1/OP1's, though irregular, were firm. Others however, were fully firm to dearer. In the Tippy catalogue too, better FBOP/FF1's were fully firm. Cleaner secondaries and teas at the lower end gained Rs 5-10/- per kg and more. Shippers to CIS and Turkey were very active, whilst Shippers to Dubai, Kuwait and Iraq, together with Saudi Arabia too were active, but too a  lesser extent.

Monthly averages – February 2013

•             Year-on-Year (YoY) (SLR) up 20.6%

•             YoY (USD) up 11.3%

•             2013 Vs. 2011 (SLR) up 29.01%

•             2013 Vs. 2011 (USD) down 5.9%

Total Auction averages for the month of February 2013, totalled Rs 422.68 vis-a-vis Rs 350.35 of 2012, showing a gain of Rs 72.33 or an increase of 20.6%YOY. 2013 Auction averages even in US Dollar (USD) terms too show a growth vis-a-vis 2012, total Auction average for February 2013 of USD 3.34 is higher by USD 0.34 vis-a-vis USD 3.00 of 2012.

When analyzing the total High Grown average of Rs 410.55 for February 2013 vis-a-vis Rs 332.99 of 2012 show a gain of Rs 77.56 or an increase of 23.2%. Mediums too of Rs 384.22 for February 2013 show a gain of Rs 68.69 an increase of 21.7% vis-a-vis Rs 315.53 of February 2012 whilst, Low Growns totalling Rs 434.87 for February 2013, showed a gain of Rs 70.05 an increase of 19.3% vis-a-vis Rs 364.36 of 2012.

Total cumulative Auction average for the period January - February 2013 of
Rs 423.06 too showed a gain of Rs 73.84 vis-a-vis Rs 349.22 of 2012 or an increase of 21.1%. January - February 2013 cumulative average in USD terms too of 3.34 showed a gain of USD 0.31 vis-a-vis 3.03 of 2012.

Here again when analyzing the respective cumulative averages, High Growns totalling Rs 423.29 showed a gain of Rs 91.06, an increase of 27.4% vis-a-vis Rs 332.23 of 2012, whilst Mediums totalling Rs 383.40 showed a gain of Rs 73.60, an increase of 24% vis-a-vis Rs 308.80 of 2012. Low Growns too for January - February 2013 totalling
Rs 432.18 show a gain of Rs 67.26, an increase of 18.4% vis-a-vis Rs 364.92 of 2012.

Although 2013 prices show a growth in USD terms vis-a-vis 2012, 2011 USD prices have been higher to that of 2013. In 2011 the total Auction average for February was USD 3.55, which is USD 0.21 higher than the current average. Similarly the cumulative average for January - February 2013 of USD 3.34 show a variance of USD 0.22 as against USD 3.56 of 2011.

However it will be relevant to note that although prices in 2011 were higher in USD terms, in Rupee terms prices were significantly lower than 2013.

(www.forbestea.com)

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