The 40th sale of the year concluded this week had on offer a small volume of 4.88 M/kgs, which is the lowest quantity on offer at a given auction since March 2017.
Tea prices continue to appreciate for the second consecutive week in the backdrop of a sharp decline in availability combined with a significant depreciation of the Sri Lankan Rupee against the US Dollar, approximately 5% depreciation during the last one month and almost 10% for the year, according to Forbes & Walker tea market report.
Ex-Estate offerings were similar to last and totalled 0.73 M/kgs. There was good demand particularly for the better teas, which often appreciates Rs. 20 per kg and more following special inquiry. Plainer and thin liquoring teas were often discounted, whilst teas from the Nuwara Eliya region were neglected, with very little interest for the corresponding BOP/BOPF grades.