Wednesday, May 22, 2024

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Tea prices up in the second auction 2024 amidst a dip in crop production

By: Staff Writer

February 26, Colombo (LNW): Forbes and Walker Tea Brokers said tea production in January was 18.73 million kilos, down by 2% or 0.4 million kilos from a year earlier.

All elevations except for the medium grown elevation have shown a decrease in comparison with the corresponding period of 2023.

Compared to 22.87 million kilos of crop in January 2022, the production in January 2024 is down by 4.14 million kilos or 18%.

Tea crop in 2023 improved marginally reflecting the struggle for recovery after detrimental policy decisions and climate change.

The production in 2023 was 256.04 million kilos, registering an increase of 4.20 million kilos compared with 251.84 million kilos in 2022. December crop was up 0.51% YoY to 19.81 million kilos.

 However Sri Lanka’s tea prices went up across elevations at the second auction of 2024, with most grades of tea moving up, market data showed.

The weekly sale average went up 51.53 rupees to 1,274.74 rupees a kilogram, according to industry data published by Ceylon Tea Brokers.In the second week 4.5 million kilos were sold by public auction..

High Grown BOP teas went up with Best Westerns going up by between 50 to 100 rupees. Below Bests were up 50 rupees, while plainer categories fell 50 rupees.

There were hardly any offerings from Nuwara Eliya’s and Uda Pussellawa’s gained by about 100 rupees and Uvas were up by 50 rupees.The high grown sale average was up 31.50 rupees to 1,087 rupees a kilo.

BOP1, Select Best and Bests were up 50 rupees. OP1, select bests were also up 50 rupees, while bests and below bests were up 100 rupees.OP/OPA, Select Best gained by 100 rupee a kilo and best and below best moved up by 50 rupees.

PEK, Select Bests were firm. Best and below best gained by 50 rupees per kilo. PEK1 – Select Best and Best were down 50 rupees.The medium grown sale average was up 25.68 rupees to 1,064.73 rupees.

OP1 Select Best were firm whilst Best, Below Best were higher. OPA in general were higher. Select Best were firm.

PEKOE1 Select best together with PEK’s were firm. Select best PEK1’s were firm to lower whilst balance sold around last week levels.

FBOP/FBOP1 Select best were lower, whilst best and below best were fully firm to dearer.The Low Growns average went up 60.02 rupees to 1,330.30 rupees kilogram.

Low Growns had overcast conditions with showers, with Sabaragamuwa expecting heavy showers. Whilst Uva and Low Growns recorded a decline, Udapussellawa and Nuwara Eliya maintained their crop intakes.

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