Prices of several varieties of Sri Lankan tea records sharp increase in tea auction last week

Prices of several varieties of Sri Lankan tea records sharp increase in tea auction last week

Tea brokers in Sri Lanka have reportedly said that prices of several grades of Sri Lankan tea have seen a sharp increase at last week’s one-day auction in Colombo mainly because of the limited quantity on offer and the recent depreciation of the rupee.
The quantity of tea arriving at the Colombo auction last week decreased to 4,678,906 kilos from 6,448,809 kilos the previous week, while teas from estates have fallen to 828,334 kiloes from 1,085,489 kilos, Bartleet Produce Marketing has been quoted as stating in the media.
In teas from estates on the western slopes of the central hills, Best western BOP types rose Rs.40-50 a kilo while the BOPFs gained Rs.50 per kilo.
Forbes & Walker Tea Brokers have said auction quantities were limited owing to the one-day sale on account of the Vesak Buddhist holidays.
“There was good demand,” the brokers have reportedly said in a report. “The limited availability combined with the depreciation of Sri Lankan rupee could be considered important criteria for upward movement in prices this week.”
According to reports, prices of tea from low elevations, grown mostly by small farmers, were also higher or firm, the brokers said.

OSL take:

The latest report by tea brokers on the increase in prices of Ceylon tea in the tea auction is yet another positive sign on the continuous growth in the local tea industry. The revenue generated through Sri Lankan tea exports have also increased during the past year and the industry is confident of achieving the targets set for this year. Foreign investors/businesses looking for investment opportunities in Sri Lanka could explore the local tea industry for business.

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Article Code : VBS/AT/09052018/Z_3

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